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TMG incentive contest hikes new accounts 56
DES MOINES, Iowa (5/28/10)--A recent 45-day employee incentive contest generated a 56% increase in new accounts compared with a similar period before the contest, said TMG Financial Services, a credit card issuing agent company for credit unions. The contest encouraged credit union staff to promote the ATIRAcredit MasterCard program to members who did not have the credit union’s credit card. Employees received $10 for each application that was approved, and then received a change to win a grand prize of 100,000 rewards points--valued at $1,000. Ellen Holtz, Nishna Valley CU, Atlantic, Iowa, won the prize. More than 25% of the participating credit unions exceeded their goals, and received a free lunch for the entire credit union from TMG. In the past year, TMG grew balances for portfolios on book by an average of 12%, while industry sources report credit unions saw a 1% increase and national issuers experienced a more than 10% decrease. Driving the growth were the economy; the Credit Card Accountability, Responsibility and Disclosures Act; and a marketing campaign, TMG said. “Consumers were rightly outraged throughout most of 2009 by actions of the country’s largest credit card issuers, and made their voice heard by seeking different options,” said Jeff Russell, TMG president/CEO. “We saw growth throughout the holidays, when many issuers saw declines. When we look at year-over-year analysis of our individual credit unions, we have seen new account growth at each credit union. “Our experience continues to reinforce the idea that most cardholders want to pay their bills and will pay their bills,” he added. “Our delinquencies are well below the overall industry standard, and at or below the credit union industry average.”
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