By Ray Birch
PONTIAC, Mich.—One credit union believes there is no better place to raise awareness of the CU and pass along information about the credit union difference than in the back seat of a cab.
In this case the taxi modeled after the Discovery Network’s Cash Cab TV show, where a passenger has the opportunity keep answering questions for money, unless they get three wrong, in which case the ride is over.
In the case of the Cash Cab being sponsored here by the $208-million Streator Onized Credit Union, the cab picks up willing participants and drives them around Pontiac, Mich., asking them questions and paying them cash for correct answers. Like the TV show, participants can keep answering questions correctly until they have three strikes. The prize amounts increase from $5 all the way up to $50.
Three Strikes
“Contestants can win up to $100 each from the credit union,” said Marketing director Dana Stillwell. “But unlike the TV show, after three strikes we don’t drop you off right then and there. We take the rider back to where we picked them up.”
Streator Onized runs the Cash Cab about two to three times a year, and unlike the TV show it lets members and the community know when the Cab will be rolling via its website and social media. SOCU tells people where to wait for the pickup. Members and non-members can participate.
“We pick them up at one specified location each time and the lines can get long,” said Stillwell. “We will have people waiting for more than an hour to ride. And when they are standing in line we tell them that if we give away all the money, which we generally cap at $1,000 for each event, not everyone will get to play. But they still wait. They really like the game.”
Different Than Bank
Stillwell said the average number of riders per Cash Cab event is 10 and that $750 is what it generally costs the CU in cash for winners each time.
“The Cash Cab is really a good event for us,” said Stillwell. “It gets our name out into the community and lets people know that credit unions are different than a bank. You’d never see a bank do this.”
The credit union difference is emphasized via questions contestants are asked inside the Cab by a local celebrity host—typically a radio personality—which the CU selects each time. In addition to general trivia questions, mixed in are questions about the cooperative structure of credit unions, how CUs are different than banks, and what it takes to join Streator Onized.
“Many of the riders may not know much about credit unions before they step into the cab, but when they are done riding they are more informed,” Stillwell said, noting that when incorrect answers are given the credit union explains what the correct answers are. “The Cash Cab really creates a buzz about our credit union and credit unions in general. A person who steps into the Cab may not be looking for services from Streator Onized at the time, but later on when they have a need they think about us and come check us out. We think that is a big benefit of the Cash Cab.”
Community Asking For Cab
The Cash Cab is also used at many of the credit unions’ community events, and is wrapped to reflect the purpose of the event or a promotion, such as auto loans.
Stillwell said there is no way to measure the full impact from Cash Cab, but says the fact that the community enjoys it and asks about it lets the credit union know the effort is worthwhile.
“It generates a lot of excitement and interest in our credit union and it does not cost a lot of money. We’ll keep doing this,” said Stillwell.