BATAVIA, N.Y. — A small credit union here is following in the footsteps of major cooperative players by launching its own "Pay It Forward" campaign. With just one branch Tonawanda Valley FCU, headquartered in this town of less than 20,000, is among the smallest to embrace the concept.
TV FCU plans to follow Seattle Metro CU's original idea of allowing any and all comers to receive $10 in exchange for their answer to how they can use that money to help another person. With such a small community, operations manager Nancy Harding believes that the $1,000 prize for the best entry "would be put to very good use."
"Although, TVFCU's Pay it Forward event is not unique in any way from (Seattle Metro's), I truly believe that in and of itself, the event is different than most financial institutions who have suffered just the opposite of giving back," she told Credit Union Journal. "A lot of people were skeptical at first because it is so out of character for a financial institution to do. The reaction we've been getting that 'this is a really unique and cool idea."
The $58-million institution plans to spend about $7,000 on the campaign, including the money they will give away, the cost to produce the videos and an advertising blitz. A local pennysaver chipped in to subsidize the cost of the t-shirts staffers will wear during the Oct. 15th event. Harding is hopeful that local promotional efforts coupled with a radio advertisement on a station based in Rochester will drive up participation and educate the public on the credit union difference.
"That is one of our biggest obstacles here; a lot of people don't know what a credit union is," she said. "This gets the ball rolling as far as what we do as a credit union and how we are different from any other financial institution in town."
Upon hearing of TV FCU's campaign, Seattle Metro CU marketing manager Andy Wright said he was glad to see more cooperatives embracing the campaign and was sure that it could be executed at CUs of all sizes.
"I think it's great for the movement," he added. "It scales up or down really nicely."
Harding could not provide a turnout estimate, but she wants to see the event be a success and become an annual tradition. But even if the event's turnout is lackluster or if the campaign fails brings in a slew of new members, she believes that it has already achieved its goals.
"If we get a few new members or get people interested in the credit union that wasn't before that's terrific. But I think giving back in a way that we wouldn't otherwise is significant in itself," Harding explained. "You can't help but do a good turn for others and blessing it with a 'pay it forward' statement when you see how easy it works. It soon turns into a movement and takes on a life of itself."
Wright agreed, noting that Seattle residents who could not make it out to their event last year but heard about it were inspired to do good things for others.
"We had people who contacted us with that message," he said. "The really nice thing about 'Pay It Forward' is the goodwill it generations and all the stories it creates that you can share with the community."
