I was visiting with a colleague after a networking meeting
last week. After conversing for a few
minutes, I asked her, “What do you want from your bank?” She replied, “I want
to get money every time I swipe my debit card.”
She went on to explain how she pretty much only uses her
debit card and it would be great if she could get something in return for doing
In March of this year, CBS News posted a video and news article about how banks are cutting
back on their debit card reward programs.
The reasons for the cut back include both a downward economy and the interchange regulation changes.
The conversation with my colleague jogged my memory of this
article and got me thinking about MutualBank’s debit card reward program. Here is my colleague, living in a community where MutualBank resides and she’s
banking with another institution that doesn’t give her what she wants. Am I the
only one who thinks there is something wrong with this picture?
I proceeded to tell her about MutualBank’s debit card reward
program. MutualBank has offered a debit card reward program for over three years. They've always appreciated their customers. But over the last year, MutualBank evaluated how they could express that appreciation in a way that would positively impact their customers. They wanted to physically thank their customers for their loyalty to MutualBank. So what did they do? They expanded the debit card reward program to be a full scale reward program, solely based on loyalty.
I shared with my colleague that not only does she get points for using her
debit card, she also would get points for the balance in her accounts, balances
on mortgages, auto loans and investments.
My colleague is a younger professional who does not yet have a
mortgage. The great thing about MutualBank's loyalty reward program is
that they're here to grow with her. As she obtains new accounts at
MutualBank, she gets bonus points. And after
she earns all of these points for all the different relationships she has with
MutualBank, she can redeem the points for just about anything she wants. She can redeem her points for gift cards,
plane tickets, hotel stays, a new laptop, really, almost anything!
So…are debit card reward programs extinct? Nope. Not at
MutualBank, at least. In fact, MutualBank’s debit card reward program is not
only alive, but it’s an advance loyalty program designed to say one thing…