MOLINE, Ill. (10/4/13)--Instead of the usual loyalty programs, rewards and member incentives to entice members in a competitive deposit environment, DHCU Community CU, based in Moline, Ill., is taking an out-of-the-box approach to a new checking account program. It has introduced CashBack Checking, an account that pays members each time they use their debit CheckCard and Visa cards.
Each time members use their DHCU CheckCard or Visa credit card, they earn an introductory cashback offer of ten cents for each CheckCard transaction and 20 cents for each DHCU Visa credit card transaction. CashBack rewards will accumulate throughout the program year and be paid as a deposit into the member's CashBack checking account each November.
"There is no other account like this in the area," said Matt McCombs, president/chief operations officer. "Many financials insist on confusing monthly requirements, such as a minimum balance or having direct deposit, only to offer a slight return on the account. CashBack is our way of 'paying back' our members, with no limits or fine print attached."
The program applies to both signature and PIN debit transactions. The $469 million asset credit union has no minimums set on the number of transactions and no cap on how much a member can earn through the program.
On Jan. 1, the debit card payout reverts back to the program standard of five cents per transaction, with no limits.
CashBack checking is not limited to CheckCard debit card usage. DHCU offers CashBack for Visa credit card transactions to members who use CashBack Checking. They will earn 20 cents on any DHCU Visa transaction during the introduction period and 10 cents per transaction afterward. No limits are set on this program, and members can swipe their DHCU Visa as often as they want without reaching a cap on their CashBack earnings.