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Credit Unions Rewarding Members with Valuable Sweepstakes Offers

Credit Unions Rewarding Members with Valuable Sweepstakes Offers By Cyndi Cohen
Published September 25, 2013
Credit Unions Online
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Looking to get a jump start on your holiday gift-buying? Well you could win cash and other prizes by taking part in your credit union’s fall sweepstakes. Many CUs are using this popular promotional tool lately, not only as a way to incent members and generate enthusiasm about products and services, but also to reward them for their loyalty.

Plus, sweepstakes are a great way for credit unions to drive traffic to social media pages and websites. These special promotions educate the public on CUs in general, build relationships with existing and prospective members, advertise community events, and even aid in celebrating special occasions like branch openings. Whatever the purpose, sweepstakes help to promote credit unions while awarding lucky participants with some pretty awesome swag.

Spreading the Credit Union Word with Fun and Prizes

In true credit union spirit, CU marketing teams maintain a “member first” outlook when developing sweepstake offers. While they hope to help grow their individual memberships or promote products and services, they’re also working to spread the message of the overall credit union movement and highlight the advantages of membership. Sweepstakes are a fun and attractive way to accomplish all of these goals.

As an existing or prospective member, keep in mind that no credit union will ever require you to make any type of purchase in order to take part in their sweepstakes or other similar raffle-style contests. In fact, CU sweepstakes are meant to draw consumers to them as a way to ultimately help achieve financial well-being and literacy, rewarding members not only with monetary gifts but with the gifts of knowledge and power as well.

Altura Credit Union (Riverside, CA) launched a promotion on September 1 to promote its iChecking account for young adults. During the promotion, one winner will be drawn each weekday for a $500 Visa gift card.

This sweepstakes offers Gen Y the chance to win a substantial reward while trying out a great product. Altura’s iChecking is a simple, hassle-free account for members between the ages of 18-24 years, featuring:

  • No Monthly Fees
  • No Minimum Balances
  • No Direct Deposit Required
  • Free Online Banking and Bill Pay
  • Free Mobile Banking with Text Teller
  • Option to add a “nickname” or a favorite quote to your card

To enter the sweepstakes, consumers must be at least 18 years of age, but don’t have to be an Altura member. There are several ways to enter and no purchase is necessary:

  • Consumers who become Altura Members and open a new checking account will be provided an official entry form, or will be automatically entered to win.
  • Consumers may enter the Sweepstakes by completing an entry form and placing it into the registration bin provided at each of Altura’s branches.
  • All others may enter by completing a write-in entry and sending it to the CU by September 30. Winners will be drawn randomly from all entries submitted.

According to Kara Adams, Marketing Director, the iChecking account product was launched in mid-2009, as part of an overall outreach to the young adult market. “The idea was to help them establish sound financial management skills while young as a foundation for adulthood. We usually try to promote iChecking annually. Because it is offered specifically for those age 18-24, new people are always becoming eligible for the account and we want them to know about it.”

This year, the look of the iChecking materials was updated, so the sweepstakes offered an opportunity to introduce the new look of the product and to potentially grow the number of members who open an iChecking account.

Altura has run fall sweepstakes campaigns in the past to promote iChecking, as college students starting the semester are among their target audience, and Riverside is home to the University of California at Riverside. “A campaign last fall offered a chance to win a $500 grand prize or an iPad for texting iChecking during a promo period,” explained Adams. “Sweepstakes help us create loyalty and get our members engaged - they create a fun environment for both employees and members.”

Likewise, Hawaii State Federal Credit Union (Honolulu, HI) is giving away $500 a month from August 1 - October 31 to lucky members who use their debit card in the Swipe for Cash Sweepstakes.

To enter, members simply use their Hawaii State FCU debit card to make a purchase in-store, online or by phone - when they swipe they’ll automatically receive one entry. “The more times you use your card to make a purchase, the more chances you have to win,” said Allison Maertens , Marketing Director. “A random member will be selected from all eligible entries at the end of each month to be awarded the $500 prize.”

Simultaneously, Hawaii State is conducting an internal contest for employees who use their debit card during August-October. “Each debit purchase transaction with our card receives them one entry to win $100 which is drawn randomly from all eligible employees at the end of each month,” explained Maertens. “We’ve also split the credit union into teams and the team with the highest average number of transactions at the end of October will win a Karaoke Party for their entire team!” In addition, twice a week during the promotion period, the CU’s Marketing Department sends out a Swipe for Cash “Tip of the Week” to all staff with a useful tips about debit cards.

Maertens reported that the Swipe for Cash Sweepstakes is showing to be a successful marketing tool. “At the end of August we saw a 15% increase in the number of POS transactions and a 13% increase in interchange income over the same period last year.”

Looking to play the odds and win big this fall with a special offer from your credit union? Find out what sweepstakes they’re running by checking out the newsletter, website, and social media channels. Not a member? Find a credit union and join today!

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