66 Federal Credit Union is reporting seeing a significant increase in debit card accounts after adding a rewards program to its debit card and using the new offering to launch a community-wide campaign to increase the number of checking accounts with debit cards and to boost debit card transaction volumes.
The credit union, which has contracted with St. Petersburg, Fla.-based PSCU Financial Services and its CURewards program for debit and credit card holders, has used direct mail, e-mails and posters in the branches, along with billboards, radio and television advertising to attract new members. Rewards points were issued to both employees and members for qualified referrals.
The credit union's first promotion ran from November 2004 to April 2005 during which debit card accounts increased by 17% from the start of the promotion through July, and debit card transaction volumes are up by more than 22% in July 2005, as compared with July 2004.
66 Federal plans to start another promotion in September. For info: www.pscufs.com.
