‘Groovy’ Promotion Nets $5 Million

Founders Federal Credit Union, Lancaster, S.C., recently wrapped up a "groovy" Visa promotion that netted more than $5 million in balance transfers.

The credit union offered a four-basis-point reduction on its Visa Platinum, Gold, and Classic cards for a three-month period. This rate applied to balance transfers and purchases during the promotion period through the life of those balances.

Founders Federal kicked off the promotion internally with a dance competition. Loan officers were divided into teams: the Disco Ducks and the Funky Chickens. Plus, branches competed against each other for balance transfers.

The top 10 individual performers vied for DVD prize packages featuring the movies Flash Dance, Urban Cowboy, Footloose, Grease, and Saturday Night Fever. The top five performers additionally received a gift certificate for a five-star restaurant, tickets to the musical Grease, and accommodations at the Omni Hotel in Charlotte, N.C.

The Peachtree Office in Fort Mill, S.C., had the highest balance transfer amount. Branch employees were awarded the services of Mike Bragg, chief operating officer, branch administration, for a day. Bragg worked the teller line, greeted members, and treated staff to breakfast, lunch, and an afternoon ice cream treat.

Stacy Foster of Founders Federal’s Ebenezer Road branch received a special award for the highest cross-sales, with more than $423,000 in balance transfers.

The credit union is planning another themed Visa promotion for late summer.