TAMPA, Fla.–USF Federal Credit Union has launched a rewards program that returns money to members depending on overall balances in loans, savings and checking accounts.
Members in the “Catalyst Member Rewards” program will be able to get back up to 5% of the interest paid on a loan each quarter, the $587-million USFFCU said.
"The number-one benefit for the Catalyst Member Rewards program is the fact that members will be able to get a partial refund on the interest that they've paid," said USF FCU branch manager Rob Perry. "That is a huge differentiator between our credit union and other credit unions in the United States."
Catalyst Member Rewards is designed to keep more money in members' wallets based on their level of activity with the credit union. Along with the partial refund of interest, the rewards program also features out-of-network ATM fee reimbursements, overdraft transfer fee waivers, free money orders and official checks, the credit union said.
USF FCU also said that members with a loan account also get free access to their FICO Score, which is updated every quarter.
In a statement, USF FCU's President and CEO Richard Skaggs said that over the years he had noticed that members were frequently asking how they could become more engaged with the credit union. The Catalyst Member Rewards program is an excellent opportunity for the credit union to tailor services and help members become financially successful, Skaggs said. "It helps us build a stronger relationship with our members."
For info: https://www.usffcu.com/catalyst.