Credit Union Statements

How much attention do you pay to your credit union statement? Be honest here as you don’t have to impress anyone with your answer! Too many people simply toss them out with merely a glance. Others hold onto them and place them in a file, but they may still be in the envelope they were mailed in! It is important to evaluate your credit unions statement though. Otherwise how do you know if the information on it is correct?

There is plenty of information to be found on your credit union statement. Learning how to read it is a very important task. Most of the time the process will be self explanatory but if it isn’t ask someone that works there to go over it with you. Being able to see what money you put in as well as what you take out is important.

At the same time you should be able to see if you are making any interest on the account. If so what is the current rate? Is that rate a good one compared to what other credit unions have to offer? If you aren’t sure then it is time for you to spend a bit of time conducting research. Making as much money as you can from that balance is a key aspect of being money wise.

Of course you also need to explore your credit union statement for fees. They can eat way at the amount of money you have in that account if you aren’t careful. What are those fees for? If they don’t show itemized elements to them then you definitely need to ask. You should also consider asking your credit union to waive such fees. They won’t do it automatically but if they feel you may take your business elsewhere it is likely something they can do to maintain your business.

Get into the habit of evaluating your credit union statement in the days after you receive it. Otherwise the risk of unauthorized transactions or mistakes can be there and you will never know about it. When you do find such mistakes it can be too late to have them corrected. Your money is very important so pay attention to what is going on with it. Never just assume your credit union has it all under control on your behalf.

You can count on that traditional paper statement to come your way if you would like. If not, there are some other choices when it comes to looking over your credit union statement. Most of these entities offer you a chance to view it online. The benefit is that you can do so anytime you want – even between statement dates. You can also buy software that allows you to customize your credit union statement information.

It is easier than you may have thought to keep track of all your information. You can also feel good knowing that you are staying on top of all of it. The process doesn’t have to make your head hurt though or consume large amounts of time. It is part of being responsible with your income though so find a method you are happy with and stick to it.

Today you will find many different types of credit union correspondence offered. In the past, all you got from them was monthly statements and perhaps payment reminders. Today you can get alerts about your accounts so that you always know what is going on with them. You can also go online and review all of your transactions for your account. This is a terrific way to be able to keep up on what it going on with it between your statements.

Of course all of this doesn’t mean that old fashioned means of correspondence are no longer considered. You can always walk into your credit union and discuss your account with them. Pick up the phone and give them a call to ask questions and to stay well informed about certain things. Keep in mind that over the phone you may need to provide some type of verification about your identity. This is for security purposes so that your account information isn’t given out due to false pretenses.

You can also conduct credit union correspondence though the mail if you like. There may be written documentation you need to obtain for your records or some form of verifications. Such letters should specific what you need, where to send it, and the accounts you need information about. That will assist them in getting it all right to you in a short period of time.

In some instances it is possible to do the correspondence through email on their website. This can be a feature that works well for those that can’t contact the credit union during normal business hours. For essential credit union correspondence not everyone has a job where they can just pick up the phone and discuss an account for a few minutes.

Most of the time the email response will be received within 24 hours. At the very least an automated message will be offered that lets the customer know that their inquiry has been received. If there is a ticketing system then a reference number of that email can be provided as well.

Of course most people want to have access to credit union correspondence when it fits into their schedule. This is why the online access is so successful. People can log into their account any time of the day or the night. They can also do so when the credit union is closed on the weekends. It may be possible to make payments online as well which is definitely a benefit for customers. The more features that the credit union can offer the easier it will be to offer something every customer can benefit from.

With the technology we have today, credit union correspondence is able to better help customers stay on track with their accounts. What each entity will offer though can vary so make sure you look into this. Some of them charge monthly fees for these services but most of them do it for free. It is a way to give something of value back to their much appreciated customers.

Chances are, if a bank customer or credit union member has a desire to see their statement (and notices if available) electronically, they already are.  That leaves the paper chasers that are content receiving an envelope in the mail every month.

Face it; eStatements are commonplace these days.  The paper chasing stalwarts that have not opted for electronic delivery by now will need some coaxing.  A compelling reason is needed and it will take a benefit of some kind to make them move.

Of course, my first recommendation is to deliver electronic documents that have value add in the documents that you are presenting electronically.  However, if your organization is not using Optria iStatements you need another approach.

In my Favorites folder, I have amassed a large number of links to articles that describe various incentives banks are using to convert the paper chasers to eStatements.  Below is one of the most recent articles added to my Favorites:

  http://www.netbanker.com/2009/10/bbt_pushes_online_statements_on_homepage.html.

This article, like most of the others, suggests financial incentives.  Common financial incentives include cash bonuses, sweepstakes entries, higher interest rates, lower fees and even toasters (actually, no bread warming devices were used in any of these articles). 

Many of the articles reference the importance of presenting the appropriate message, location of your message, and consistency in how you present it.  Remember, awareness, awareness, and awareness!

Paper Chaser in "Rap Speak" is a person that chases money.  If it takes $20 or $30 for each account to get your paper statement chasing customers to convert to electronic statements and notices, so be it.  The long-term return will be worth it.

There is an interesting article at the link below stating that 71% of the large US banks have adopted some level of multi-language capability to their web presence.  Chase and Wachovia were sited specifically for their Spanish language online statements.

   http://www.reuters.com/article/pressRelease/idUS139366+02-Sep-2009+BW20090902

While the article does not reference community and mid-tier banks and credit unions.  Regional needs will surely overshadow adoption nationally.  That said, our clients and prospects have brought it to our attention that language options are beneficial in surprising locations. 

There are large numbers of Spanish speaking US residents in places you might not expect.  While California and Florida are expected to have high percentages, consider that 10% of Rhode Island residents are Spanish speaking, according to Wikipedia.  We were also questioned recently by a bank in St Louis as to the ability to offer their statements in Bosnian.

Community and mid-tier institutions will be wise to follow the larger banks in focusing on the needs of this growing segment of their market.

Going Green for a bank or credit union can mean many things.  Green construction, green funding, and green processes are just a few of these.
 
With only occasional references to green construction by banks and credit unions in the daily and weekly financial trades, the number of articles referencing eco-friendly building practices has increased over time.  With a goal towards environmental consciousness and a long term energy cost savings, green construction is an investment in future savings.
 
Green funding and green investment, like many affinity based marketing programs, provide growth opportunities by attracting additional account relationships as well as imparting environmental responsibility.  

For most institutions, green processes are where the initial emphasis is and has been.  Whether this is in the establishment of internal recycle programs, creation of intranet based reporting and forms, promotion and resulting adoption of multi-channel product offerings, or simply implementing a lights-out policies for rooms that are not in use.  Of all these, the biggest financial return is from multi-channel products; Internet and mobile banking, eBilling and ePayments, electronic statements, etc.
 
All of the green opportunities referenced here have the potential for financial reward, but in every case should be approached with open eyes.  The cost of implementing green initiatives can be costly.  As with any initiative, it is important to understand the ROI.  Be sure that your investment does not exceed planned savings.  With many green related services, costs can be underestimated, whether it is from incremental costs, on-going management of the solutions or services, or increased operational cost.  These costs can weaken or eliminate any potential return on investment.  Determine your adoption and growth potential, factor in all ancillary costs, and proceed with eyes wide open before implementing your green initiatives
 
Green practices are important for all of our futures.  Do everything you can, but do it wisely.