PORTLAND, Ore. — Point West CU recently unveiled a new checking product, with an unusual and "sweet" promotional twist.
Thanks to a partnership with a local bakery, the credit union is seeking to drive people to its "Points Checking" by offering free brownies. Information on the brownie giveaway can be found at a newly minted microsite www.sendbrowniepoints.com. Once there, a link offers additional information on the new checking product.
Mike Fletcher, vice president of marketing and business development for Point West, said the campaign will be driven almost exclusively by referrals. Recipients will receive an e-mail saying Person X has sent you Brownie Points "for something wonderful they did," he explained.
"There is a coupon good for an actual brownie, then it takes people to a page for Points West checking," Fletcher told Credit Union Journal.
The Brownie Points e-mails first were sent to Point West's employees on Feb. 27. Fletcher said the CU would be "blasting them out to members" beginning March 4.
"Our staff people already have sent them to friends and family and people are claiming their brownies at Helen Bernhard Bakery, which is one mile from our credit union. The bakery gives them a brownie and information on how to send brownie points to other people, and they give them information on the checking account."
Point West will promote Brownie Points and Points Checking in its newsletter and on its website, but Fletcher said the marketing strategy is mostly word of mouth. "We hope people find it fun and entertaining to send a brownie to someone else, and it starts the message spreading."
The checking account is Point West's answer to the high-interest checking accounts that are in the market, Fletcher said. "Other versions have lots of strings attached, which we didn't feel is in the best interests of our members."
The three requirements for Points Checking are: members must be signed up to receive e-statements, they must have a debit card and the account must receive a direct deposit of at least $800 per month. No minimum balance is required.
Points Checking account holders will get access to a special CD promotion each month, he continued. The March promo is nine months at 3.5% APY, with a $30,000 maximum deposit. In addition, participants get a quarter-point discount on every new consumer loan and a quarter-point bonus on every CD.
"We believe with the requirements members will be using it as their primary checking account, which is what we want to reward," he said. "Of course, we will be monitoring to make sure it is their primary checking."
Response has been positive in the early stages, Fletcher said.
"The goal is for it to be something that grows and expands and takes on a life of its own. Helen Bernhard Bakery has been in business since 1924, and we've been here since 1932, so we've both been part of Portland for a long time."
