GLENDALE, Ariz.–Los Angeles FCU is reporting that in the six months since the launch of its Relationship Rewards program it has rebated $200,000 to its members who attained Gold Level status. Each member at the Gold Level level gets 1% cash back on debit card purchases, up to $500 monthly.
Every LAFCU member is automatically enrolled in the Rewards program that recognizes them for “deepening their financial relationship with the credit union,” LAFCU said.
According to LAFCU, at the end of each month, each member’s Rewards are recalculated based on the number of points earned. The maximum is five points, with one point earned for each of these categories:
- Active Checking (if five+ debit card transactions are made from a checking account in a month)
- Savings & Investments ($10,000+ in deposits)
- Vehicle Loan or Visa Credit Card (in good standing)
- Home Loan (a mortgage, home equity, or energy loan in good standing)
- Loyalty (a LAFCU member 15+ consecutive years)
Three Levels
LAFCU said its Rewards levels are Bronze, Silver, & Gold and each has its own benefits, such as discounts on certain loans. Members at any level can apply for a free checking account and enjoy free access to local and nationwide ATMs (30,000) and shared branches (5,600). Silver members who open a free checking account will automatically move into Gold & begin earning cash-back on their debit card transactions.