Identify the best means in which to position the HELOC loan promotion in the mind of the credit union membership using a statement insert. The ease of accessing cash via a HELOC online loan application was determined as the best means for positioning the statement stuffer.
Increase Home Equity Line of Credit portfolio by $500,000 from April 1, 2004 through May 15, 2004 at Capstone Federal Credit Union utilizing a month end statement stuffer. The target audience consists of approximately 5,285 members who are architects/engineers of the Fluor Corporation as well as employees of Select Employee Groups in various industries.
Create copy that would communicate the ease of accessing cash from the equity in a memberís home in a clear and effective manner. The copy was created to position the HELOC loan utilizing the online loan application on the credit unionís newly launched web site as a cash downloader through the tagline Want to DOWNLOAD Some Cash? Naturally, the graphic design elements and images provided a visual for reinforcing this message.
Since the credit union did not have member household ownership information in its operational system, the statement insert was inserted into 5,000 memberís month end quarterly statements. The memberís interest rate on the HELOC would be determined based on the personal credit history of the member. As an added incentive for members to respond to the statement stuffer, a FREE Home Depot Gift Card of $50 was given to each member that funded a HELOC during the promotional period.