My bank, BBVA Compass, launched a new program in 2009 called “The Compass For Your Cause” both to support nonprofit fundraising and grow their customer base. The concept behind the program was not to ask people to write a check or buy special premium items (who really needs another candy bar??), but to do something they were doing every day already – use their check card for purchases.
So how does it work? A nonprofit signs up for a free business checking account at BBVA Compass (while keeping existing accounts at other banks, if they want). Then, by spreading the word to their networks – friends, family, volunteers, and other supporters, they can earn dollars. For every person that opens a free individual account at BBVA Compass and specifies the nonprofit they want to support, that nonprofit will receive $20 deposited directly into their account. Then, for every subsequent purchase made by supporters using their BBVA Compass account check card, a $0.25% royalty will also be deposited in the nonprofit’s account.
I don’t know about you, but I almost never carry cash anymore. I use my check card instead. So to have a percentage going to support my favorite nonprofit, EVERY time I buy something, catches my attention! BBVA Compass has branches in 6 states: Alabama, Arizona, Colorado, Florida, New Mexico, and Texas.
Food for Thought:
· Do you have nonprofits you support that could benefit from the “Compass For Your Cause Program”? Pass the word!
· Can you develop a marketing/distribution strategy for a new or existing product or service that could expand your company’s exposure to new markets and benefit local causes?
Amy Pera, Cherry Creek Branch Manager of BBVA Compass Bank, sent me the following information as an email follow up.
“Thank you again for taking the time to discuss our Compass For Your Cause Program. We are extremely excited about the opportunity to help the many wonderful non-profit businesses that are in need of additional funding. This program is an excellent opportunity for them to earn donations without much effort on their part. It will also provide them with a monthly stream ofl income from the ongoing debit card transactions by their members who open a checking account with Compass.
Here is the link for decision-makers that tells about the program: http://www.compassbank.com/business/affinity/
In addition, here is the link for members who open a personal account to learn more about what it entails: http://www.compassbank.com/personal/affinity/”
Check it out and spread the word!!