MADISON, Wis. — Instead of simply talking about how the credit union gives back to the community, Summit Credit Union is handing $10 to 2,000 members and asking them to use the money to help someone else.
Summit created its "Pay It Forward" promotion after seeing Seattle Metropolitan credit union run the same program last year (CU Journal, Oct. 7, 2008). But Rebecca Gerothanas, Summit's SVP of marketing, believes the impact of Pay It Forward will be greater today.
"This is good news in challenging times," she said. "It's so much more interesting and important, we think, than doing a promotion about checking or savings accounts. Certainly we hope that people choose to do business with us when they learn about Summit through Pay it Forward, but we hope they make that choice because of who we are as an organization and the values we stand for. We are looking forward to seeing how far this money goes and the impact it makes."
Summit plans to give away $10 to each of the first 2,000 members who step into one of its 20 branches. The CU isn't giving the money away all at once, it will hold the promotion on different days at each location, giving the money to the first 100 members who walk in. The promotion began March 25 and ends May 14.
When members receive the money, they'll be asked what they plan to do with it, and their answers will be videotaped on the spot (as Seattle Metro did). Gerothanas said the video will be loaded onto Summit's website, and an online contest will be held to choose the best use of the cash. The winner receives $500 and a $500 donation a favorite charity.
In addition to seeing themselves by visiting Summit's website, members will be e-mailed a link to their messages so they can pass them to friends and family. "We're hoping that Pay It Forward starts to take on life of its own," Gerothanas said. "We are looking forward to seeing how members will pay the money forward. We think that some will pool the money, and some may give it away a dollar at a time. There are no restrictions. Members can do with it what they want."
Summit merged with Greater Wisconsin CU last year, and the $1.2-billion CU has been looking for a good way to promote its branch network. "That was one of the reasons for this campaign," acknowledged Gerothanas. "And when we do any sort of branch promotion, we try and have some kind of community give-back entwined, whether that's a grand opening or some sort of member appreciation."
Seattle Metropolitan, too, gets credit for paying it forward, noted Gerothanas. "It's been wonderful collaborating with them. They've given us tips and advice based on what they learned when they ran their program."
The pay it forward concept was first described by Benjamin Franklin in 1784 and most recently popularized by Catherine Ryan Hyde's novel, "Pay It Forward," that was adapted into a Warner Brothers film bearing the same name.
