SAN DIEGO-Mission Federal Credit Union has launched "Mission Fed Money Match," a program that matches the dollar amount of winning members' loan payments, debit or credit card purchases, or direct deposits, up to a certain amount per transaction type.
Monica Hoolsema, chief operating officer for the $2.3-billion CU, told Credit Union Journal Money Match is simply a way to give back.
"Our board of directors challenged us to reward our current members. A couple of employees got together and came up with the idea and the board was excited," she recalled.
Mission Fed will randomly select members for Money Match on a daily and monthly basis, depending on the category. Each day five members will have a debit card purchase matched, up to $100, and another five will have a credit card purchase matched up to $250.
There will be 30 drawings at the end of each month, with 20 members getting reimbursed for an auto loan payment up to $500, one member getting back up to $1,000 for a home equity loan payment, four members getting their direct deposit matched up to $2,000, and five members getting a refund for their first mortgage or first trust deed payment up to $2,500.
Hoolsema said Mission Federal wanted to avoid a situation where a "winner" received a credit for a $3 Starbuck's debit when the member had a $75 debit somewhere else, so the decision was made to choose a member and then pay that person's highest-value transaction of the day, up to the limits.
'Fun Phone Calls'
"This is the first month of the program and we are rewarding members who weren't even aware of it, she said. "I can't wait for the end of the month when we do the big drawings for auto loan payments and first mortgages. Those will be fun phone calls to make when we inform the winners."
As of mid-January Mission Fed had only done limited marketing of the program, which is why many of the members who got reimbursed did not even know why. Hoolsema said the CU is looking forward to the feedback, especially on the large-dollar purchases.
"At this point we are really just pushing it with our members. If they share, that would be great, and if it brings new members that would be wonderful, but we are not going to be doing a big outdoor advertising push."
Money Match is scheduled to continue through the end of 2013, eventually reaching more than 4,000 of the CU's 160,000 members. Hoolsema said if Mission Fed receives great feedback it might consider renewing, but at this point it is only for this year.
"I think it is going to be a fun program. The group that put it together is really excited about getting member feedback."
