TAMPA, Fla., June 13 /PRNewswire/ — USF Federal Credit Union (USF FCU) launched a novel rewards program that returns money to members. Depending on a member’s overall balances in loans, savings and checking accounts, some members can get back up to 5 percent of the interest paid on a loan each quarter.
“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.
Members with a loan account also get free access to their FICO® Score, which is updated every quarter. The FICO® Score is based on information provided by consumer credit reporting agencies and is the standard measure of U.S. consumer credit risk. FICO® Scores are used by 90 percent of the top US lenders to make lending decisions and to help determine rates consumers pay on purchases and financing.
Over the years, USF FCU’s President and CEO Richard Skaggs 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.”
USF Federal Credit Union (USF FCU) offers a full range of financial services to the faculty, staff, students, alumni association members, and families at the University of South Florida in Tampa. USF FCU divisions include Darden Credit Union serving employees of Darden Restaurants, Inc., and Red Lobster Credit Union for employees of Red Lobster restaurants. Please visit: www.usffcu.com for more information.
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