The timing of Bank Transfer Day could not have worked out better for the $269 million OMNI Community Credit Union in Battle Creek, Mich.
That's because OMNI Community debuted a checking rewards and cashback program tied to debit cards called “OMNI Pays in Many Ways.”
The campaign, which runs through yearend and includes $3,000 in prize drawings keyed to usage, encourages current OMNI members who don't have a checking account at the credit union — as well as those in the community who aren't yet members — to make the switch with a chance to win $250 in free debit card purchases each month for a year.
“Those who take advantage of the credit union's free switch program to transfer their checking accounts from another institution will receive an extra entry into the drawing,” the 32,000-member credit union said.
“There are both immediate and long-term benefits and we're paying our members in two ways,” said OMNI CEO Ted Parsons. “One is the chance to win free debit card purchases for a year. The other is to increase their share of the Cashback Rebate paid out at yearend. OMNI's Rewards and Smart Checking accounts remain free with no monthly charge for debit cards.
The Battle Creek credit union already is witnessing a surge in new account openings “because of our new campaign and what has happened in the market stemming from Bank of America and Bank Transfer Day,” said Parsons.
He noted that his CU has no plans to extend hours at its branches on Nov. 5 but will be adding at least one accounts staffer at each facility on Bank Transfer Day to take care of anticipated traffic.
OMNI is also making a $5 donation to Bronson Children's Hospital for each account opened during the promotion period plus another $5 for each member who makes a switch from another institution.
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