Seattle Metro Credit Union pioneered the "Pay it Forward" concept with a 2008 campaign in which it offered $10 to people to put toward helping others. At a downtown branch, consumers who accepted the $10 were videotaped explaining what they would do with the money, with the videos then placed on YouTube where viewers selected their favorite. The winner than received $1,000 to put toward their cause. Seattle Metro's campaign received significant press attention and was featured during Credit Union Journal's Grow Show. The idea has since been picked up by several other CUs, including:
Summit Credit Union: Nearly 800 people took part in Summit CU's campaign across 20 Wisconsin branches. Members and non-members were invited to participate and earned $10 for telling the camera what they would do with $10 for somebody else. The winner picked up $500 and another $500 for charity.
Travis Credit Union: The Vacaville, Calif.-based CU put its own twist on the "Pay It Forward" idea by asking members to submit videos on YouTube or write proposals on which organization deserved $500. Travis' VP-marketing said the twist was a good way to tie into its emphasis on social media and web 2.0.
Northern Mass Telephone Workers Community CU: This Lowell, Mass.-based institution is also using the "Pay It Forward" mantra, but for its new member referral program. Members who bring in a friend earn $20 for each of them and get entered into quarterly drawings for $250. It is even using the tagline for a 13-month CD that deposits the dividends on the investment directly into members' checking or savings accounts.
Alternatives FCU: In its own little twist, this Ithaca, N.Y.-based credit union is allowing members to pool their $10 handouts together and use that money as a jumping off point for future fundraising and a rallying point to make the case that they deserve the $500 winning donation. The campaign is still ongoing. For details.
