DriveUp Savings

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.

What’s going to be in the blog?

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!

• View our “Member’s Perspective” Videos
• Our September 2008 ICUL Presentation

If you are a member of the press…

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.

Sparks of Interest…

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].

Working Group Members

• Brian Wilkerson – Kemba CU; VP, COO
• Chad Gramling – Three Rivers FCU; Deposit Product Manager
• Joe Hasto – Eli Lilly FCU; CFO
• Evelyn Royer – Purdue EFCU; VP Risk Mgmt/Support Svcs
• Michelle Peterson – Marion School CU; Marketing Manager

About The Taped Crusaders and the ignite Program

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.

Good New$ for Members

• You can save without hurting your pocket book.
• It’s possible to save $1,000-$3,000 over a three year period.
• Just $20 per month can help you buy your next car and/or save for major repairs.
• You could use your savings to pay insurance premiums twice a year (cheaper than monthly).

Good New$ for Credit Unions

You can help your members develop savings habits that will:

• increase or add stability to outstanding deposits
• keep loans on your books longer
• enhance member loyalty (higher net promoter activity)
• generate good spin among local press/media

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].

No two institutions will implement DriveUp Savings exactly the same. With the reality of varied core system capabilities, organizational tastes and differing makeup of membership segments, it’s impossible to expect that possibility.

However, there are common steps and actions that enable a system that can be used and deployed. We have detailed those items below:

1. Decide Product Type – We recommend a certificate, but CUs may also consider a “holiday club” type of savings account
2. Determine Timeline
3. The Product Name – Feel free to use “DriveUp Savings”
4. Beta Test – Set up the product in your test environment and make sure it works as intended
5. Documentation – If you offer term extensions to lower payments to allow for contributions, you will need to modify your documents. You’ll also want to integrate into your other account opening processes.
6. Expectations and Goals – You’ll want to create expectations and goals based upon your membership and product sales. [See Financials]
7. Marketing – We’ve developed marketing collateral using the DriveUp Savings name. If you choose to brand with a different name, you’ll need to create new. [See Marketing]
8. Set Up in Live Environment
9. Train Staff and Launch Product
10. Follow-up and Tracking – Monitor your success [Don't Forget to Tell Us About It!]

The DriveUp Savings product/program was incubated by the Filene Research Institute’s i3 initiative. The original concept is called AutoSavings . Two credit unions adopted the product and still offer it to members. Those two credit unions are American Airlines Credit Union (TurboSave ) and Day Air Credit Union (Auto Loan Plus ). Both have implemented with success to the benefit of the credit union and the member.

The key differentiator of the DriveUp Savings product is the rate match. Additionally, we’ve developed many resources to help CU’s implement. Other CU’s who are or will implement include:

• Members United FCU – LaPorte, IN
• Purdue Employees FCU - West Lafayette, IN
• Three Rivers FCU – Fort Wayne, IN
• Hughes FCU – Tucson AZ
• AAA FCU – South Bend, IN
• MidWest Financial CU – Ann Arbor, MI
• Fiscal Credit Union - Glendale, CA
• Tarrant County CU – Fort Worth, TX

Implementation outcomes and member adoption information will be shared on this site as they become available. Additionally, we invite your institution to join in this exciting new phase. We’ve created an easy implementation program, have provided the numbers to support the endeavor and have even created marketing collateral for your use with no strings attached. However, we do humbly request that you tell us you are implementing and would love for you to consider sharing your results with us on this site.

To do so, you can either comment on this post or you can use our contact form .

This page will continually be updated as we learn about more institutions who choose to implement.

We are pleased to provide credit unions with marketing materials that can be used to help launch the DriveUp Savings program at their institution. There are several types of marketing collateral provided below. Some are more customizable than others – but all can be deployed fairly quickly with minimal effort.

Please note: Many of the materials available here and thoughout this site include the “money car” image. If you utilize this image in any of your marketing efforts, you must purchase the image from istockphoto. We do NOT own the copyright on it. Click here to view/purchase.

Newsletter Articles & Web Content: Click Here

Web Banners and Buttons (all images are in .gif format):
120×240 | 125×125 | 160×600 | 486×60 | 728×90

Statement Stuffers: Click Here

Press Releases: Click Here

Posters: 8×11-Click Here

The full suite (download everything that is listed above in one .zip file): Click Here (13MB)

The following videos are used as part of our project presentation:

Video #1: I’d like to save

Video #2: Are you really going to do this?

Video #3: Let’s cut to the chase…”

Video #4: The DriveUpSavings website