Welcome Two New Credit Unions
Welcome
Metropolitan Service FCU and
Del-One FCU to the shared branching network. Both credit unions became live in early June on shared branching.
Metropolitan Service FCU is an issuer only credit union in the Philadelphia area. Del-One FCU is an issuer and acquirer at their seven locations in Delaware.
For your convenience attached is the updated PaCUSC Contact Listing.
Faxing Check Copies
All acquirer locations are required to fax check copies in accordance with the in-state policies and procedures to the issuer credit union. We have heard several credit unions inquire about this and it seems staff is forgetting to fax the check copies. Please review the attached in-state policies and procedures with staff to ensure they are faxing copies of the checks.
Checks only need faxed to other in-state credit unions and should be faxed to the number listing on the PaCUSC contact listing, not necessarily to the attention of the person on the list.
Member Verification Process
For shared branching transactions it is very important to remind staff and members the process and verification. It may be different when they use a shared branch then it is at your office.
When a member goes to a shared branch location to perform a transaction they are required to provide the following information in order to complete the transaction. The member must provide their credit union name, their account number, valid government issued photo identification, and their last four digits of their social security number. The teller will also validate the members address from the identification. They will only be asked for this information if the two are different, then the member must provide the address the credit union has on file in order for the transaction to be completed.
If the member is unable or unwilling to provide any of this information, the transaction can not be processed and the member will be referred to your credit union. Please make sure your members are aware of these requirements to ensure they don’t have any issues.
There are several articles available your credit union can use to remind members of these requirements. The articles can be found on the PaCUSC website under
Marketing Support.
NGN Reports Training Webinar Recording
On April 10, 2012, CO-OP Shared Branching enhanced NGN reports in order for issuers and acquirers to better analyze transaction data. To prepare for the changes in reports, several webinar training sessions were conducted before and after the new reports began to be distributed. For anyone not able to attend any of the sessions, a recording is
available for download.
Click here for an updated, as of June 2012, NGN Reports Definitions for your reference. We recommend your credit union download or print this for future reference.
Adjustment Processing
There are times when an acquiring location needs to process an adjustment to an issuer credit union’s member’s account. This could be to correct an error that is occurring during the course of processing the transaction, due to a returned item going to the acquirer instead of the issuer, or any other reason needed to correct a members account.
Please keep in mind, when adjustments are processed there are certain time frames that must be adhered to. Also, if the amount of the adjustment is over $500 the issuer credit union must be notified.
We recommend staff that process adjustments be familiar with the adjustment section outlined in the
CO-OP Shared Branching Policies and Procedures to ensure everything is done in accordance, refer to section 6.
Paul Yang Named Winner of CO-OP THINK Prize 2012
Paul Yang of Premier Community Credit Union, Stockton, California, is the winner of the CO-OP THINK Prize 2012, and recipient of $10,000, for his idea for a “P2P Payment Card for CO-OP Network Cardholders.”
The three finalists in the competition presented their business plans to attendees of THINK 12 in Boca Raton, Florida, the afternoon of April 30. Yang, CEO of Premier Community Credit Union, was announced the winner at the conference’s Gala & Dinner the evening of May 1st.
The two other finalists were:
- Maricela Jauregui, Branch Manager, Mid Cities Credit Union, Compton, California: “QR Code Verification.”
- Jay Schwartz, V.P., Sales and Service Delivery, Marriott Employees’ FCU, Bethesda, Maryland: “Social Networking for Credit Union Members.”
The $10,000 award to Yang was presented by CO-OP Financial Services and CO-OP THINK Prize sponsor MasterCard.
As Yang explained it to the judges in his initial proposal, “My idea is a form of payment services – person-to-person. Anyone with a CO-OP Network card can send money to anyone else having a CO-OP Network card. By having this exclusive person-to-person payment system, members can easily pay one or another member, at any CO-OP ATM.”
“CO-OP congratulates Paul on his winning business plan,” said Stan Hollen, President/CEO of CO-OP Financial Services. “Our goal with the CO-OP THINK Prize is to promote and inspire creative thinking on industry issues, and Paul’s plan is a wonderful display of that.”
Entries for the CO-OP THINK Prize for 2013 opened June 1 at
www.co-opthink.org.
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