These days, everybody is looking for extra value for their dollar. Purdue Federal Credit Union saw that desire, and wanted to help their members get more for their money. So, they created the My Member Perks program, which rewards their members for doing all of the simple day-to-day banking that is already a part of their routine.
“It’s a program that continuously rewards you for your trust and loyalty to Purdue Federal Credit Union,” said Jackie Hofman, SVP of HR and Marketing at Purdue Federal Credit Union. “It’s rather unique in the way members are rewarded. Some financial cooperatives give back in the form of dividends. Our program has something in it for everyone, the borrower, the saver, the heavy card user– there’s a reward for everyone.”
Just about everything you do at Purdue Federal Credit Union gives you perk points, making deposits, banking digitally, paying bills through digital banking, having a loan, and so on. Your total number of points puts you into one of four statuses: Bronze, Silver, Gold, and Diamond. Every status gets perks such as free checking, financial wellness services, and credit card reward points.
“The Credit Card Perk Points can be redeemed within seconds for cash just by using our digital banking platform,” said Hofman. “Just like that, the money is deposited directly into my checking or savings account. It’s that simple!”
Once you hit Silver Status and beyond, you are eligible to earn a monthly $5 Debit Perk, up to 0.60 percent off qualifying loans, and up to 0.30 additional percent on share certificates (CDs). Since My Member Perks was established in 2013, Purdue Federal Credit Union has given back $31.7 million to their members, and more than $6 million was distributed last year alone.
“When we were designing this program, I never imagined that we would be able to reward our members to the level that we have given back over the years,” Hofman said. “It is an awesome program that’s designed to allow for changes to perks as times change and we discover other perks that may be appealing to our membership.”
As a community-focused institution, it was important for Purdue Federal Credit Union to build that flexibility into the program, so they can grow with their members.
“Our mission is to be our members’ trusted financial partner for life,” Hofman said. “This program exemplifies that mission. When we are your trusted financial partner, you are rewarded for your relationship with us.”
Purdue Federal Credit Union is currently offering a $150 bonus for new members who open a checking account and sign up for direct deposit, a debit card, and paperless statements. To learn more, visit PURDUEFED.COM/BONUS.
