Welcome to Shared Branching
Please welcome Delaware State Police FCU to the shared branching network!
Delaware State Police FCU joined the network as an issuer and acquirer in November 2009. Their members can complete transactions at your credit union locations and your members are able to complete transactions at their three branches. Delaware State Police has branches in each of the three counties in Delaware and are listed on the website, www.cuservicecenter.com
Updated NGN Report Definitions
Attached is a revised NGN Reports Definition document
which includes a sample of the new NGN month-end 509 report. Report 509 identifies the issuer’s activity by specific acquirer location/branch and was distributed for the first time with November’s month-end reports. Please make sure you update the NGN Reports tab in your Shared Branching Reference Manual.
New Regulation CC Changes
Next year, the Federal Reserve is planning to move all check processing to a single site in Cleveland, OH. This means that all checks cleared through this facility will be treated as local under the Fed’s Regulation CC. This transition is planned to be finished by first quarter 2010.
CO-OP Shared Branching is aware of this change and changes to TellerPLUS are underway. Since the new regulation will be implemented in phases, shared branching network rules will not be revised until the transition is complete. If you have any questions or concerns about CO-OP Shared Branching’s plans regarding the new regulation, please contact Sandy Shenk.
Selecting the Correct Issuer Name - Training Tip
Many credit unions have the same or similar names and it is essential that acquiring locations carefully choose the correct institution when performing a shared branch transaction. Not only does choosing the wrong name slow down the transaction process, but it also results in unwarranted fees for the issuer.
For some credit unions, these fees have become quite extensive, and the only way to correct this problem is for tellers to use caution while selecting the issuer name. A helpful tip is to have tellers review cities and states during the transaction process to confirm they are selecting the correct credit union. For further questions please contact Sandy Shenk regarding this matter.
Marketing Tips by Les Bois Federal Credit Union
Les Bois Federal Credit Union of Boise, Idaho became a participant of shared branching in October 2008 as both an issuer and acquirer. Upon joining shared branching, Les Bois Federal Credit Union launched a marketing campaign called “Bank the Way You Like,” consisting of television and radio advertisements that featured the Credit Union Service Centers logo, along with statement inserts, newsletters and links through their website. Les Bois Federal Credit Union wanted to convey that their members can bank in many different ways; whether that be at one of their proprietary branches, electronically, or through shared branching. “Shared branching has clearly added value to our claims, because our members aren’t limited to just electronic services like text or e-banking but can also ‘bank the way they like’ in branches across the nation,” said Les Bois Federal Credit Union, VP of Sales and Operations, Eileen St. Denis.
Shared branching has helped Les Bois Federal Credit Union both retain and attract members. “Our in-house efforts to educate and inform our membership about the shared branch network has been strong and it has helped frontline staff to defer members from considering closing accounts,” Eileen St. Denis said, “It is also helpful in attracting new members who were hesitant to bank with a smaller, local institution versus a larger bank.”
Les Bois Federal Credit Union plans on continuing the “Bank the Way You Like” campaign through informational letters to members who have moved to let them know how to find a convenient shared branch location. The credit union also took advantage of the shared branching services while relocating one of their branches this year. “Having shared branches nearby to redirect members helped ease the transition,” said Eileen St. Denis. When a member mentions they are going out of town or that their child is going off to college, Les Bois Federal Credit Union employees provide shared branching locations that they may use for their convenience. Using opportunities such as, Bank the Way You Like campaign has benefited Les Bois Federal Credit Union, along with their strong marketing efforts. The campaign has given Les Bois Federal Credit Union a branding message that ties in with shared branching making it easy to leverage the service to their members.
Marketing Tips by Gallup Federal Credit Union
Marketing shared branching is important for credit unions of all sizes. Gallup Federal Credit Union, located in Omaha, NE, has utilized the following tried and true marketing tactics to make the most of their shared branching offering.
Gallup Federal Credit Union has members located all over the United States. When the credit union joined the shared branch network, it was important to educate these members about the 3,800 locations that are now available to them, so Gallup Federal Credit Union teamed up with Credit Union Service Network (CUSN), the local network in their state. Together, they came up with 12 different postcards that catered to some of the main metropolitan areas that their members are heavily located in. The postcards included maps that provided the nearby shared branches in each area along with information on shared branching. Gallup Federal Credit Union saw an immediate increase in acquirer transactions shortly after this campaign was started and members are still mentioning the postcard months later.
Gallup Federal Credit Union’s members have gained convenience out of shared branching and the credit union has also seen many advantages since adding this service. “We are finding that we now have a better chance of increasing a member’s usage of our services because of shared branching,” said Gallup Federal Credit Union, President, Ronny Miller. “We may have a long-time member who has always used the credit union for auto loans only. Now we can offer checking accounts, ATM, debit and bill pay and they are much more likely to say yes when they find out there is a branch they can use near their work or home.”
In a recent situation, shared branching helped save a relationship that could have otherwise been compromised. A member who was in New York City inquired about a cashier’s check on a Saturday, when the credit union is closed. Before the credit union could respond to the inquiry the member had already found the link to the shared branch locator through the website. The member located a credit union with Saturday hours and purchased the cashier’s check. “Shared Branching saved this relationship for a couple reasons. First, we are located in Nebraska, a long way from New York City. Second, we do not have weekend hours and this shared branch did. In the past there was no way for us to serve this member’s needs and now there is,” Ronny Miller said.
Gallup Federal Credit Union has taken action in educating their members on this service that brings convenience to them in many ways. By keeping their members informed, they have increased usage dramatically and made the cost of shared branching equal the benefit. “We were concerned that it would take some time for our usage to grow,” Mr. Miller said. “We can see now that this breakeven point is much shorter that we expected.”
THINK 2010 Update
THINK 2010 is being held April 18-21, 2010 at Fairmont Scottsdale in Scottsdale, Arizona. Join us in gaining top-level strategic advice from some of the world’s biggest brands and thought leaders. Past THINK conference speakers have included Steve Wozniak of Apple, Scott Bedbury of Nike, Peter Schutz of Porsche and David Plouff of the Obama 2008 campaign. We are confident that you will find next year’s line-up of blockbuster speakers and topics to be even more informative and actionable than ever before.
And best of all, registration is free! Visit www.co-opthink.org today to reserve your spot at next year’s most exciting and beneficial credit union conference!
CO-OP Mobile Available for Use on Apple iPhone
CO-OP Financial Services has added the popular Apple iPhone to the roster of devices that use the CO-OP Mobile banking software. With 7.4 million units of the iPhone sold in the third quarter of 2009, CO-OP Mobile now reaches a new segment of members. “Adoption of mobile banking services is essential for credit unions to attract and retain members, especially the young, tech savvy, high income, upwardly mobile and the underserved,” said Stan Hollen, President/CEO, CO-OP Financial Services.
Now iPhone users can simply visit the Apple iTunes store and download the CO-OP Mobile “app” directly onto their phone to check balances, transfer funds, and view transaction history virtually anywhere. CO-OP Mobile integrates into the Next Generation Network (NGN), making it easy for credit unions already on NGN to adopt this cutting edge service.
With the addition of the most popular multi-media phone to the list of devices for CO-OP Mobile, it has never been a better time for a credit union to enroll. Contact Sandy Shenk for more information on CO-OP Mobile, or visit www.co-opfs.org.
The New CO-OP Member Center
CO-OP Financial Services has acquired CO-OP Member Center; formerly, The LoanLink Center, bringing extended access and convenience to members through comprehensive call center capabilities.
With two available service options credit unions can choose one or both to best fit member needs:
- Provides members round-the-clock personalized attention and access without overextending the credit union’s system
- Helps solve call center capacity dilemma by handling overflow calls and off-hour operations
- Members can apply for loans anytime, from anywhere
- Credit unions see higher lending volumes and more cross-sales revenue
- Quick and efficient lending services include real-time decisions and member transactions
Next Generation Network participants can seamlessly plug into CO-OP Member Center by leveraging their existing connection. Through the Next Generation Network, credit unions can also give members multiple touch points through a range of cutting-edge products and services, including:
- CO-OP Fast Branch kiosks
- CO-OP Mobile (mobile banking)
- CO-OP My Deposit (remote deposit)
To learn more about CO-OP Member Center, please visit www.co-opfs.org/membercenter
or contact Sandy Shenk