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A novel checking account introduced back in 2008 that gives members the opportunity to earn extra interest and support a favorite cause has become a staple product for Seattle Metropolitan Credit Union.
When members open a Feel Good Checking account, the credit union donates $20 in their name to one of seven local nonprofit organizations—and members earn 6.14 percent interest on the first $500 in their account and can order a free box of checks annually.
Seattle Metropolitan CU began work on Feel Good Checking back in 2007 as part of a marketing and branding campaign promoting cooperative principles and the CU difference. “We were looking for ways not just to talk about those principles, but to demonstrate them in action by giving members a voice and a way to join us in giving back to the community,” says CUES member Jill Vicente, chief marketing officer of the $700 million CU serving 44,000 members.
Feel Good Checking now accounts for almost a third of all checking accounts, and the CU has raised more than $150,000 for its nonprofit partners. Selecting the organizations that will benefit from Feel Good donations has become something of an annual event. The nomination process usually begins in October. Members and other supporters of local organizations are invited to nominate groups in seven categories: animal welfare, arts and culture, education, environment and sustainability, families and neighborhoods, health, and hunger and housing.
Last year, 277 organizations were nominated, and the marketing department narrowed the list to 21 finalists before opening the field for election. More than 2,700 votes were cast, up from 1,391 in 2014, renewing five existing partners and electing two new organizations, Vicente says. Current partners include the Seattle Humane Society, Vera Project, Seattle Public Library Foundation, Seattle Tilth, Childhaven, Bike Works and Northwest Harvest. “We really didn’t expect as much participation as we’ve gotten over the years,” she notes. “Members actually ask when the nominating process will be open.”
Feel Good Checking has become a visible platform for connecting with the community, as the CU’s partners promote the checking option to their supporters, and Seattle Metropolitan CU reciprocates by getting the word out about those organizations’ special events via social media.
“Feel Good Checking has been a real win-win,” Vicente adds. “Members can earn a little extra interest without having to move their money around, and they appreciate the opportunity to support local nonprofits. And our employees love talking about this product.”
