SAN ANTONIO -
Blake Griffin, AVP-product development for FirstMark, said the credit union introduced a new Holiday Club Account in December 2006 featuring a unique Visa Gift Card feature. When members save money in a Holiday Club Account, they get the opportunity to receive up to five Visa Gift Cards after the account matures.
The goal was to create a win-win situation for both the credit union and its members. For the credit union, it receives needed deposits, has the opportunity to promote its gift cards and is able to deepen the CU/member relationship. For the members, there are the gift cards.
The gift cards are usually available at a cost of $2.50 each. "We waived the first five fees. We also increased the rate so it was a little more competitive," Griffin said. "It really made our members think about a holiday club account, and think about it differently."
As of June 2007, the credit union had 343 Holiday Club accounts with a combined deposit balance of more than $100,000. At the same time the previous year, it had 105 accounts with a combined deposit balance of about $33,000. Griffin said considering the CU's large membership, "we still didn't have a lot opening these accounts, but it's better."
"We are going to continue to do this," he said.
