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.
When it comes to aggregated bank statements, one of the benefits is that they certainly are convenient. It is common for people to have accounts with many different entities. Your bank account may be at one place and then you may have a few credit cards from other locations. Sure, you can go online and check all of these accounts separately. However, that is time consuming and you have to memorize lots of different log in information.
With aggregated bank statements though you only have to log into one location. Once you are there you have the chance to check out all of the different accounts you have. It is all in one place so you can easily view it and move on to the next thing on your to do list. The format is also one that you can easily learn. When your accounts are separate each one may have a different method of navigation.
If you are interested in aggregated bank statements, talk to your bank. Most of them offer this type of service for the convenience of their customers. If they don’t, you will find some online resources you can turn to. They can help you to gather these accounts in one place. Then you don’t have to try to keep track of all the URL’s and log in information for each of them separately. The more accounts you have the more you will appreciate such a service.
As a word of caution though make sure you fully evaluate the reputation of such an entity before you put your personal information into their database. Most of the time such services are offered free of charge. Even if you sign up through your bank it is wise to take the time to review the policies for security. Make sure all of your personal information is well protected. You also want to verify they won’t be sharing your information with anyone else.
There are many reasons why aggregated bank statements are a good idea. Identity theft is a huge problem in our society. The cloak of the internet makes it more enticing too as these criminals are less likely to get caught. When you check your statements frequently online you can notify those in charge immediately if you see strange activities on your account.
The amount damage that can occur in the month between statements is unbelievable. Through the use of aggregated bank statements you are being proactive when it comes to protecting your personal information. You simply can’t be too careful in this day and age when it comes to such concerns.
If one of your goals for the new year is to get organized and to take better care of your finances, aggregated bank statements can help you to fulfill that commitment. With this type of service you can stay on top of your checking account balance and pay your credit cards on time. Those late payment fees and overdraft fees are ridiculous and you need to make sure they don’t occur.
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:
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.
As the article states; top tier banks have done a good job, for the most part, of pushing out effective marketing information to their customers via electronic channels.
The article also talks to the fact that banks have become adept at using "traditional" marketing channels. What I am seeing is more of an acceptance of the status quo than an adept use of traditional marketing.
Earlier this year I asked a bank SVP how effective their statement insert marketing was proving to be. With no metrics in hand, he said it is costly and I do not really know if it works or not. When I asked about some more progressive options, he stated that management is comfortable with this large annual expenditure on inserts as it was something the bank had been doing for years.
I understand that pulling funded items out of the budget and trying to replace them with new items is risky in many organizations, but to do something just because you have always done it is not the right approach.
Many small and mid-tier banks are progressive, utilizing the online channel and many other non-traditional marketing methods. I applaud them and those willing to break from the status quo. 0 Comments »
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.
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.
Many financial institutions are looking to achieve significant cost savings with the rollout of eStatement and iStatement solutions. However, many organizations are not achieving the desired enrollment rates. We have worked with many organizations to successfully increase their adoption rates and have the following observations...
ROLLOUT Technology is only half the equation. Organizations need to develop detailed rollout strategies to ensure they achieve their desired adoption rates.
UNDERSTANDING YOUR CUSTOMER BASE Take a look at the demographics of your customer base; what percentage are over 50? What percentage of your customers uses online banking and how does this compare to industry averages? Understanding your base is critical to developing effective rollout campaigns.
ONLINE: TARGET EARLY ADOPTERS Where is your biggest bang for the buck??? Existing online banking customers are the easiest target market. Go after them with a vengeance again and again! Don't stop with the first campaign; you will be surprised at how this will impact your overall adoption rate.
Have a low online banking adoption rate??? Offer electronic statements with effective campaigns and get double the return!
EXISTING PRINT The most effective way to target people getting is to imbed graphical marketing within your statements.This is very cost effective and has great results.
BRANCH An employee/customer rewards program for signing up for electronic bank statements is a great way to get results.A few banners, posters, and employee buttons are all it takes to make this a great success.
PRODUCTS The most simple of them all; all free accounts require iStatements!!!
METRICS The most boring component but absolutely essential to success.Institutions must periodically monitor the results from the various campaigns.Do not overcomplicate this but make sure you do it.Over a period of six months, it will become apparent what campaigns are working and which ones aren’t.
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