LIVONIA, Mich.-Since giving away $100 to local residents worked before, Co-op Services CU is opening its wallet again.
This time it's for a checking account promo. From October through the end of the year, the $386-million CU is giving anyone who opens any new checking account $100, and is asking those members to give some of the money back to support local charities.
Co-op Services first learned the value of a giveaway by handing out $100 to 100 people in 100 days to boost its community image through the just-concluded Project 100 (Credit Union Journal, Oct. 12). That effort randomly gave away money to local residents and asked them to find ways to give back to the community. It generated more than one-million media impressions - much more free publicity than the credit union ever expected, said Lisa Fawcett, Co-op Services' marketing director.
With radio coverage, local newspaper stories, TV interviews, and blog entries, Fawcett believes the credit union "affected some change. We got the community, in a tough time, to think a little more positive."
It didn't put a big dent in the credit union's budget, either. Project 100's original goal was to find ways to make an impact within the community on a limited $20,000 advertising budget. Much of the effort included Jeremy Cybulski, youth and community development coordinator, heading into the city and giving away the money. Co-op also built a website (www.whatisproject100.com) that houses information about the program and includes examples of how people can give back.
The new checking promotion, simply called Project 100 Checking, leverages the same website and now lists eight local charities members can give part of their $100 to. The $100 is deposited into members' accounts, and if they choose to donate, they tell the credit union how much. Before the end of the year, members vote for one of the charities and then the top three vote getters divide all of the donations.
Fawcett said the credit union expects to run the original Project 100 giveaway again, but first will conduct variations of the program early next year. "The feel good of Project 100 will carry over to our other efforts," Fawcett said. Like the checking promotion. With 111 accounts in the first six weeks, the program is ahead of pace-150 is the goal.
