First Community Federal Credit Union’s “Skip the Fee–Swipe for Free” debit card program resulted in $172,500 in debit-fee give-backs and prizes to members, including a $5,000 grand prize.
First Community paid members up to $5 each month based on their aggregate debit card point-of-sale transactions.
The Parchment, Mich.-based credit union randomly selected 12 winners of $500 based on the previous week’s POS transactions and one promotional grand-prize winner of $5,000 for a total of $11,000 in prize giveaways.
Over the course of the promotion, credit-union members also received more than $161,500 through the weekly give-back incentives. Overall, the credit union said it rewarded members with more than $172,500 through incentives and cash prizes.
During the promotion, the credit union experienced an 11% increase in debit card purchases and a 9.2% increase in new accounts opened during the 12-week period compared with the same time period a year earlier.
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