An E-publication from the Delaware League Services
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Second Quarter 2008
Have You Met CUMAnet?
If you attended the 2008 Delaware League Annual Meeting & Trade Show, you probably followed your nose to the CUMAnet exhibit booth. Their freshly popped corn permeated through the exhibit hall and drew people in like moths to a flame. While munching on your salty treat you were introduced to a mortgage program that any credit union can customize to best suit their needs.
CUMAnet is a 100% Credit Union Owned & Operated mortgage and home equity CUSO serving the credit union community exclusively nationwide since 1995. They provide fully customizable home loan services, all inclusive or segmented to meet your specific needs. Whether you hold or sell loans, each will be serviced in the credit union’s name for the life of the loan! Transparent servicing for your existing portfolio (including nationwide escrow account maintenance as needed) is also available. By helping you to offer home loans to your members they help you build and retain your membership!
One of CUMAnet’s many special services is a free Loan Health Check Up. Your members receive guidance from their non-commissioned, unbiased Home Finance Consultants, who have only the member’s best interests in mind. They conduct all interactions with your members in your credit union’s name. This is just one of the ways that CUMAnet, LLC stands head and shoulders above the rest!
CUMAnet does not charge you or your members for the on-line resources they provide. Their innovative and user friendly Mortgagebot™ On-Line Application and Real Estate Resource Web center is customized to match the look and feel of your credit union’s own web site – with none of the upfront and on-going monthly maintenance fees charged by others. Plus, there is never a cost to your members for this fantastic on-line resource; even Home Purchase Pre-Approval letters are free and available to members 24/7.
CUMAnet can also help you with the servicing of your existing real estate portfolio by “sub-servicing” in your credit union’s name for the life of the loan; this includes nationwide tax and insurance escrows, issuance of 1098’s, collection functions, audit support, etc. If you need to build your liquidity, they even purchase seasoned real estate portfolios!
CUMAnet supports all of your member relationship initiatives by cross-selling only YOUR products and services to your members; they never sell member data to other parties. CUMAnet’s leadership is comprised of seasoned credit union home loan specialists. Their pledge to you is that we are here to help your members, not sell to them.
For more information on offering this first class mortgage program, call to speak to a member of the Credit Union Relations Team at 800-571-6986 or e-mail CUMAnet at: Support@cumanet.com
Streamline Your Mid-Atlantic Corporate Relationship
Interest rates are declining, and earnings are likely to go down along with them. That means there is no time like the present to make sure your credit union is getting the biggest “bang for the buck” out of its Mid-Atlantic relationship. We’re always trying to provide electronic or automated delivery systems that make doing business with Mid-Atlantic either simpler, less expensive or in many cases… both!
Consider the following operational tweaks, and thus the potential savings your credit union could enjoy:
Share Draft Lookups/Copies
Your credit union can look up and print needed check copies via Zephyr® for just $0.75 per item. A lookup via telephone is $2.00 and a faxed copy of the item will cost an additional $3.00. In addition, Mid-Atlantic can support you in delivering check images directly to your members via your home banking system. Imagine the labor expense that might save!
Share Draft Returns
If your credit union is faxing returns in to Mid-Atlantic, they’re costing $5.00 per item. You can automate the process in one of two ways and reduce that per item cost to just $2.50. The first alternative is to submit return items to Mid-Atlantic Corporate via Zephyr®. The second is to have your data processor create an automated return file from your host system and then upload it directly to Mid-Atlantic for processing.
ACH File Delivery
Are you using the ACH mailbox via Zephyr® to retrieve your daily ACH file? If so, make the switch to the Zephyr® ACH platform and save. Not sure? Here’s a tip, if you don’t have the option to download multiple ACH files per day or merge those files for a single daily download, then you’re using the older mailbox system. That file costs $2.00 per day versus just $15 per month in maintenance on the newer platform.
ACH Returns/Notifications of Change (NOCs)
Faxed ACH returns cost your credit union $3.50 per item. Zephyr® ACH enables you to process ACH returns and NOCs online for just $0.12 per item.
Wires
Third-party domestic wires via telephone cost the credit union $10 per transaction. The same wire completed via Zephyr® is just $2.50. A recurring domestic wire completed via telephone is $5.00; however, Zephyr®’s template feature makes routine wires simple and, again, just $2.50 per transaction.
Money Order Issues
Credit unions may utilize Zephyr® to notify the Corporate of their daily money order issues. This reduces the per item expense from $0.75 to $0.25. There is also an automated file format available if the credit union prefers to strip this information from their host system and upload it for processing.
E-Statements – PPD and Federal Reserve Statements
PPD and Federal Reserve statements delivered via US mail cost the credit union $5.00 each. They’re free on Zephyr®.
Electronic Bill Payment – Option 1, 2 or 3
There are three price models available for our EBP service, and there is no cost to convert between billing options. Depending on how your members utilize EBP, a switch might make good sense for your credit union.
These are a few areas where credit unions can realize some cost savings. Mid-Atlantic Corporate strives to offer the best value possible to our member credit unions. If any of these alternatives sound attractive to your credit union, contact your Corporate Account Manager for more information by calling (800) 622-7494.
Score Points with Members with ScoreCard®
ScoreCard® is a proven rewards program that builds relationships, increases revenue and improves your credit union’s ability to acquire, activate and retain cardholders. ScoreCard® serves both existing FIS card-processing clients and issuers who have part or all of their card portfolios on a non-FIS processing system.
What Is ScoreCard?
ScoreCard is a MARKET-LEADING, COST-EFFECTIVE, credit- and debit-card rewards program designed to drive new transactions on more active cards, thus increasing market share by increasing RETENTION AND PROFITABILITY on existing and new card accounts. This must-have program has an unmatched track record for acquiring, retaining, cementing and broadening account relationships for credit unions. By motivating and rewarding card usage and desired payment choice with travel and merchandise awards, cardholders will choose your card first and often for everyday spending and major purchases. You’ll gain from increased transaction revenue, increased balances and the effects of long-term account relationships.
Key Benefits Include:
• Increased acquisition, activation and usage (Studies consistently demonstrate that rewards positively influence purchasing decisions and behavior)
• Retention of long-term relationships
• A DEDICATED WEB SITE AND TURNKEY ADMINISTRATION
• Effective, automated target marketing for cross-selling opportunities
• Availability on both credit and debit programs
How Does It Work?
Card users accumulate ScoreCard Bonus Points for every net dollar spent on qualified purchases. Bonus Points may be redeemed for attractive, brand name gifts and travel awards featured in the ScoreCard rewards catalog and Web site. Members quickly see that points add up fast when their card is used for everyday transactions as well as large purchases. FIS provides every element of the ScoreCard program to ensure a successful launch and administration. Every detail has been carefully designed, including a cardholder Web site, administrative tools, professional marketing materials, a cardholder scoring platform, Bonus-Point accumulation notification, reward catalogs and cardholder customer support. ScoreCard is a proven solution for both credit and debit programs, enhancing the appeal of your TOTAL card program. With the industry’s longest tenure–15 years–and the most programs operating–more than 2,600–ScoreCard is the program of choice.
Additional ScoreCard Program Features–For a Complete Rewards Program
House holding
Allows cardholders to accumulate, combine and redeem Bonus Points from eligible cardholder accounts within the same household for more redemption power. This program may include active cards from both credit and debit card programs.
Relationship Rewards
Provide Bonus Points to your cardholders for additional financial relationships with your institution. Cardholders may earn rewards for average account balances, new loans or any relationship you choose. By linking the relationship to ScoreCard Bonus Points, you enhance the acquisition and retention of accounts within your credit union while increasing CROSS-SELLING OPPORTUNITIES.
ScoreCard – A Foundation Designed for Growth
Offering ScoreCard to your cardholders is an effective way to help build and strengthen your account relationships and grow your bottom line. Contact your Fidelity representative for more information on Scorecard.
Long-Term Care Insurance A Critical Benefit for Top CU Executives
Rewarding your credit union chief executive officers for excellent performance in serving the institution and its members is an important executive retention strategy. But even the best-compensated executives may have expressed concern over their financial future as they age.In the end, Long-Term Care Insurance plans purchased for your top executives offer them and their family protection of their life savings, choice of the type of long-term care or facility desired, and independence from further family assistance. It’s an excellent benefit for those executives who have devoted their life and talents to serving your credit union and its members.
For additional information on Long-Term Care Insurance, please contact Scott Albraccio, Business Development and Marketing Manager at 1-800-356-2644 ext. 6542.
Insurance products issued by CUNA Mutual Life Insurance Company & other leading companies. Long-term care insurance is not federally insured and not underwritten or guaranteed by credit unions.
1 American Healthcare Association, 1998 Report; 2 MetLife Mature Market Institute, September 2006 Report
© CUNA Mutual Group 2007. Used with permission.
LTC-0707-139C
Help Members Out Of The Debt Cycle With Accel
Many members that are struggling financially today are not members you are aware of until it is too late!
The success of America’s credit unions is built on service. And the vision of the credit union is to help members reach their financial goals. It is for these two simple, yet powerful, objectives that credit unions trust Accel to provide members with the very best financial counseling services available.
Accel not only enhances the financial well-being of members, but this unique service also offers participating credit unions the opportunity to differentiate themselves from other financial institutions. By providing Accel to the entire membership, their dependents and the credit union staff at no cost to them, credit unions truly can become the source for all members’ financial needs.
Find out how 4 credit unions have benefited from Accel |
Members appreciate the service because they enjoy unlimited access to Accel counselors without paying anything – it’s free! And credit unions love the service because it provides value to members, generates new business, and helps protect the bottom line from losses due to charge-offs and bankruptcies.
For more information, contact Joe Day at 800-356-9655, ext. 5794.
Thank you for reading Service Issues!
Jane Bailey, Editor
Delaware Credit Union League
jane@dcul.org