DriveUp Savings

Carolyn Probasco at Members United Federal Credit Union sent along a nice letter today.

She reports that her credit union is still doing about a 30% takeup rate (meaning 30% of the auto loans they open have a DriveUp Savings attached).

She also included a cell phone sticky pad that was used as a give-a-way at her local chamber meeting. What a great idea!

Thanks for keeping us updated Carolyn, and congratz on the great success you are having with the product.

If your credit union is intersted in launching this product or a similar product, we want to hear from you so we can add it to the growing list of credit unions offering the product. We’ve started to draw interest from credit unions in California and New York, so we may see the innovation take off nationwide soon!

And remember, we’re also happy to help you as an advocate if you need help getting it approved, implemented and/or promoted. Just contact us and we’ll help you get started.

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.

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.

• 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.

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)