Initially launched in 2013, Purdue Federal Credit Union’s My Member Perks program was created by Purdue Federal’s own leadership team who established the program exclusively for members. Now, four years after the program got under way, over $13 million has been given back to members with $6.7 million being delivered in 2016.
“My Member Perks is an all-inclusive membership rewards program tailored for our members,” said Carrie North, Assistant Vice President of Marketing with Purdue Federal Credit Union. “The program rewards members for their entire relationship with the credit union. It’s based on a number of factors but each member is given a status, and those statuses are based on a point value.”
My Member Perks statuses range upward in points from Bronze, Silver, Gold and Diamond, which is figured monthly based on account age, loan and share balances, service usage and transactions of aggregated accounts. Because a members status is determined by the products and services that they use, their status can change from month-to-month based on how engaged that member is with Purdue Federal Credit Union.
“Point values are earned from the services that you use, deposit balances, loan balances, age of your account and transaction volume,” North said. “Basically, the more you use our credit union, and the deeper your relationship with us, the more we reward you as a member.”
“The program was designed for members who utilize us as their number one financial institution as a way to give back to those members who trust us with their finances, and to reward them for their loyalty to us,” explained North.
Each status, from Bronze to Diamond, offers a variety of perks designed for members at all stages of life. My Member Perks, depending on a members status, include things like free checking, a monthly cash giveback, and much more.
“As a nonprofit cooperative, our goal is to always function in our members’ best interest,” said President and CEO Bob Falk. “Our members are our shareholders; they are owners of the credit union. Not only does this allow Purdue Federal to offer competitive rates and lower fees than many other financial institutions, but also, through our unique My Member Perks program, we are able to share a percentage of annual profits with our members.”
The response from members to the My Member Perks program has been very positive and the initiative is something in which the member-owned cooperative takes pride.
“It’s something that we’re very proud of and we definitely want to spread the word to members and potential members who could really benefit from the program,” said North. “This was something that was created exclusively by our own leadership team so I think that really says something about the program.”
Information about becoming a member of Purdue Federal Credit Union and taking advantage or all of the great benefits of My Member Perks is available at www.PURDUEFED.COM/PERKS!