Just received word from Carolyn Probasco that the board of Members United FCU in LaPorte, Indiana has granted approval for the DriveUp Savings product. They plan to launch on July 1.
Great news. Can’t wait to hear about your results Carolyn.
Remember, if your institution plans to implement this product or would like to learn more about it for the purpose of building your case for implementation, please contact us.
Today, we have added the press release template and the .zip file that contains all the source files for customizing marketing materials at your CU. Please feel free to comment here or on the Marketing Materials page.
We’ve added some simple web banners for you to use. They’ve been posted in our Marketing Materials section. We beleive these to be of the most common sizes. If you have any requests for alternative sizes, please leave a comment here. We’d be happy to accomodate.
Doug recently wrote about the ignite working groups and their progress. Great read. Definately check it out. Here is what he had to say about the the Taped Crusaders and DriveUp Savings:
Taped Crusaders – project name: Drive Up Savings – Please check out their web site describing their innovation project. They are piggybacking off of one of the Filene i3 group’s projects called Auto Savings. One of the exciting differences is offering the same interest rate on the savings account as the auto loan. Yes, you read that right – the same rate. Check out their site and click on financials for the specifics.
Also check out the Guest Speaker Summary post.
The Taped Crusaders group wants to thank all of our fellow igniters and atendees of the Indiana CUES Roundtable for their courtesy and guidance as we presented and discussed the DriveUp Savings program last week. As we mentioned, we beleive this is perfect example of a savings innovation that rewards members. Each one of us is passionate about seeing the idea catch on and spread.
We have already had a couple credit union representatives approach us about being pilot institutions, but we so no reason to limit the groups. If you are interested, please contact us. We’re happy to offer suggestions, support and even speak with decision makers at your credit union.
We’ve added a few marketing materials that credit unions can utilize. They are basis and likely will require a bit of custom work, but it gives you a start and something to present to your decision makers. Be on the lookout for more over the next couple days.
All of the posts in the blog section thus far have been to make the pages that appear on the right side of the page. There may be a few more as this site evolves, but for all intensive purposes, the blog begins here.
Good question. And honestly, we don’t know.
But the blog represents an opportunity for other credit unions who may have mild interest to follow along as other credit unions adopt the product. Credit unions who are already on board will share in the success, discuss challenges and what may or may not work among many other topics.
So stay tuned. We’re Revved Up About DriveUp Savings!
We are happy to speak with you in more detail. Please feel free to contact us.
You may also consider contacting the ignite Indiana program and/or the Indiana Credit Union League for further guidance.
Indiana Credit Union League’s ignite initiative is making progress, and innovations begun at the start of the year by the ignite working group are ready to be implemented in credit unions, says the league. Several Indiana credit unions have committed to offering the innovations, and working-group members are seeking additional credit unions to adopt them, the league said. [CUNA.org ~ Indiana ignite initiative ready for CU adoption: 12/02/2008]
Six credit unions in Indiana have launched a cool looking program that helps members save when getting a car loan. Not only does the program help your members build up their savings, it has the additional impact of increasing the CU’s deposit balances. | Topic: AutoSavings/DriveUp Savings [EverythingCUMarketing: 10/16/2008]
A coalition of Indiana CUs have developed a new automatic savings product tied to auto loans called DriveUp Savings. With the account, you can contribute . . . | New automatic savings plan tied to auto loans [The Financial Brand: 10/14/2008]
Taped Crusaders – project name: Drive Up Savings – Please check out their web site describing their innovation project. They are piggybacking off of one of the Filene i3 group’s projects called Auto Savings. One of the exciting differences is offering the same interest rate on the savings account as the auto loan. Yes, you read that right – the same rate. Check out their site and click on financials for the specifics. | ignite innovation projects [Forum Solutions].
The Taped Crusaders, who produced this site and implementation program, is a working group of the ignite Indiana program. ignite provides a forum for new idea exchange/implementation, collaboration and networking for Indiana’s credit union leaders and emerging leaders. An emphasis will be placed on implementing ideas and projects at Indiana credit unions and developing a track record of results. The success of the Filene Research Institute’s i3 initiative has fueled the quest for an extended program that can operate and implement at the state level. The presence of talented members of Filene’s i3 group from Indiana is an added incentive to create a statewide program whose purpose is tied to enhancing the success of Hoosier credit unions.
You can help your members develop savings habits that will:
And it won’t obliterate your bottom line!
Click here for an Excel Spreadsheet that will allow you to model specific scenarios. [note: this sheet assumes you will be matching the savigns rate with the approved loan rate to a 10% cap].
