Sara Parker, Utah Central’s Business Development Director, explains how consumers can actually grow their money or get loans at cheaper rates by “bundling”.
More and more banks and credit unions are recognizing the value of building customer loyalty through bundling. They are rewarding customers who keep their money in one place and use several different financial products.
Some might be tempted to use several banks and credit unions because of the economy. However, with federal agencies over the institutions, your money is guaranteed up to $250,000. So if you have less than that amount, it’s good to keep it in one place and bundle the money for greater financial benefits.
For example, if a person has a mortgage with a particular financial institution, and maybe a savings and checking account, that person is entitled to special privileges like higher interest rates CDs, lower loan rates, and a lot of free services that would normally cost money.
“Under our Central Rewards Checking program at Utah Central Credit Union, customers can earn 3% interest on their checking account and get free checking if they maintain a minimum balance of $2,500, use their VISA debit card a minimum of 15 times each month and sign up for e-statements. Members will get free Traveler’s Cheques, no transfer fees, and free money orders.”
A real example from one of Utah Central’s members showed their opening balance in their checking account was $40,108.53. During the month they used their VISA debit card 19 times, four more than the 15 times minimum. And at the end of the month their balance was $44,124.24. This is way above the $2,500 minimum earning them a 3% bonus on their account worth $101.52. That’s not a bad way to earn money, especially when you compare it to CD rates which are very low.
As part of their 70th anniversary promotion this year, anyone who opens a new checking with direct deposit uses e-Statements, and BillPay, will receive $70 in their checking account.
Utah Central Credit Union
Phone:
ALL BRANCHES: (801) 487-8841
TOLL-FREE: (800) 999-6395
Mail (Corporate Offices):
Utah Central Credit Union
25 East 1700 South
Salt Lake City, Utah 84115
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