During the past year, the $970 million Xceed Financial Credit Union of El Segundo, Calif., has boosted enrollment in e-statements by more than 20% by implementing incentives such as cash bonuses and gift sweepstakes for members and staff.
As a result, more than 23,000 of the credit union's nearly 67,000 members – about 34% – are now enrolled in e-statements, Xceed Financial said.
In addition to a sweepstakes featuring prizes such as a 27-inch iMac computer and iPads, the credit union began offering a $5 cash bonus to members that sign up for e-statements and $2 cash bonus to associates that encourage them to enroll.
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More than 3,000 members have signed up during the cash bonus campaign, which began in March and continues through July 31, Xceed Financial said.
"We've found incentives are a great way to make more of our existing members aware of the convenience and security of the paperless option, and encourage them to make the eco-friendly choice," said Teresa Freeborn, president/CEO at Xceed Financial.
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