David Klavitter, Chief Marketing Officer, Dupaco Community Credit Union
Members at Dupaco Community Credit Union ($1.7B, Dubuque, IA) have access to competitive rates, low fees, and free financial education and services. But Dupaco membership also includes complimentary offers and incentives — such as free insurance policies, loan discount programs, and credit score tools — that protect members’ financial well-being and bolster their bottom line.
The credit union pays the insurance premiums on a $1,500 accidental death and dismemberment policy, rewards loyal members with better loan rates and discounts, and offers practical, effective ways to view, monitor, understand, and improve credit scores. It’s all part of a day’s work at the Hawkeye State credit union.
Here, David Klavitter, Dupaco’s chief marketing officer, talks about the credit union’s Thank Use program, a perk that gives members cold hard cash for using the credit union’s services. Since 2016, Dupaco has distributed more than 6 million Thank Use dollars.
CU QUICK FACTS
Dupaco Community Credit Union
HQ: Dubuque, IA
Data as of 06.30.18
12-MO SHARE GROWTH: 4.9%
12-MO LOAN GROWTH: 12.7%
How does the credit union determine how it returns value to members?
David Klavitter: Our credit union has annual goals for staff, so Thank Use is much like a goal for members. It’s focused on how member participation can actively help the credit union achieve its goals, which is the essence of members cooperating to improve themselves and the credit union.
The board determines Dupaco’s goals for the following year. These typically involve savings and loan growth, active checking penetration, electronic usage, debit and credit card usage, and member improvement, for example. Using historical data, we project what member engagement to target.
How do you calculate how much to return and to whom?
DK: It’s a mix of projected ROA, projected member growth, and member participation in targeted activities.