Update: The member referral program is now even easier. The checking account requirement has been removed from the second and third tiers. For example, if you have an SMCU loan, you will receive $40 for each member you refer whether or not you have an SMCU checking account. See the information below for more details.
Of all the Cooperative Principles, Principle #3 just might be our favorite. Why? Because the idea of “member economic participation” is really what sets a credit union apart from a for-profit commercial bank. It means that the more you participate in your co-op, the more you should benefit from the co-op’s financial success. You know that as our credit union grows and more members bring their loans here, we are able to offer better products and more services to everyone.
Refer a Friend. Get Paid.
To make the Cooperative Principle of Participation even more tangible to our members, SMCU has created the “Grow Your Co-op” member referral program. It’s like other member referral programs, but with a Principle #3 twist: the more products you have with SMCU, the more you get for each new member you refer.
For example, if you have an SMCU checking account you can get $20 for each new member you refer who opens a checking account. If you have a loan at SMCU, you can get $40 per referral. If you have a first mortgage with SMCU, you can get $50 per new member.
Plus, get an extra $50 if the new member you refer funds a loan with SMCU within 30 days of opening their membership. That could mean up to $100 for each new member you bring to SMCU.
There are no limits on the number of members you can refer, which means there is no limit to the amount of bonuses you can receive. You’ll get paid once a quarter for all of the referrals you make; the money will go right into your SMCU savings account. Depending on how many new members you refer, you could use that money to take a vacation or pay off a credit card.
Participation is one of the key principles on which co-ops are based. When you participate in your credit union, you get more.
Check out the official member referral web page at smcu.com/refer.