Welcome to Shared Branching
Please welcome Franklin Mint FCU to the shared branching network.
Franklin Mint FCU joined the network as an issuer on April 12, 2010. Their members can complete transactions at your credit union locations. Their initial plan is to use shared branching to connect to their call center, however; will roll out shared branching to their members in the near future.
Fee Matrix Change
CO-OP Shared Branching has updated their fee schedule revising the fees for Non-Local deposits on the CUSC Fee Matrix effective April 1, 2010 as follows:
|Shr Deposit - 5 non-local chk + csh
|Shr Deposit - 6-10 non-local chk/csh
|Shr Deposit - 11+ non-local chk/csh
The Federal Reserve Bank (FRB) check processing center consolidation is now complete, “non-local” checks have been eliminated under Regulation CC. Since there is only a single processing center, all checks should now be coded as “local” unless they qualify for the “immediate” indicator under the guidelines outlined in network policies. This fee billing revision is in essence making pricing for local and non-local deposits the same, regardless of which indicator the acquirer sends. If a teller inadvertently uses the “non local” indicator, the issuer is still accurately billed at the appropriate local deposit fee. Tellers should already be using either local or immediate indicators; this is required to be sure billing is accurate going forward and consistent with the elimination of non-local items.
As a reminder, we recommend that issuer credit unions configure their internal host hold tables to treat any "N" coded items the same as "L" items, which will eliminate potential problems with teller error and non-compliance with Reg CC. However, please be aware that some data processors have removed the “N” code from their system which means they will decline any transactions where this code is used since it is no longer valid. We encourage all tellers to refrain from using the “N” code to eliminate the possibility of declined transactions.
Attached you will find the updated CUSC Fee Matrix
reflecting this change. Please replace the CUSC Fee Matrix in your Shared Branching Reference Manual. Changes to the CUSCNI Fee Matrix are not required since pricing for local and non-local items are consistent. If you have any questions or concerns about the fee billing change, please feel free to contact Sandy Shenk.
Introducing the Credit Union Service Center iPhone Application
CO-OP Shared Branching is happy to announce the release of the Credit Union Service Centers branch locator application for the Apple iPhone.
The FREE application can be downloaded through the “App Store” on any iPhone or iPod Touch by searching CO-OP Financial Services or Find Branch. Once downloaded, members can easily search for locations then view a map of where the service center is located in relation to where they are searching from. Please see the attached screen shots
to get an idea of how the application works.
CO-OP strives to offer the most convenience for members, and we hope that the addition of this application will offer more ease and functionality for members who are on the go. If you have any questions, please feel free to contact Sandy Shenk.
New Shared Branching Locator Web Service
It is important to provide members with easy access to the 4,000 plus shared branching locations across the nation. Now, CO-OP Shared Branching has made it even easier by introducing a new XML based shared branching locator web service available to participating credit unions. If a participating credit union has their own branch locator on either their web page or mobile phone application, they can now seamlessly include shared branching outlets too. The outlet locations will be synchronized with www.cuservicecenter.com
ensuring the most accurate results as locations are added or updated in the database.
A developer’s website has been created to showcase examples of the service, download technical documentation, register for an API key to use the service, and submit technical questions. The developer’s website is located at http://www.cuservicecenter.com/webservices/
Please inform appropriate staff that this service is now available so that they may easily integrate shared branching locations into your existing branch locator. If you have any questions about the new locator service, please contact Network Services at firstname.lastname@example.org
or 1-866-812-2872, option 2.
Marketing Tips by CO-OP Shared Branching
Shared branching offers credit union members convenience, with over 4,000 locations available nationwide. Once a credit union joins the network, marketing and advertising the services provided by shared branching is essential.
Here are some tips to effectively market shared branching to credit union members:
- Visit the MARC website, www.marketingresourcecenter.net, where customizable marketing materials are available, such as direct mail, signage, literature and more. Register for a free account and add the credit union’s logo to create a variety of marketing materials with the click of a mouse.
- Advertise shared branching on the credit union’s website. Many participating credit unions feature locators on their website’s home page where members can find a branch by typing in a zip code. A credit union may also provide a link to www.cuservicecenters.com to direct members to the CO-OP Shared Branching branch locator site.
- If a member mentions that they are going out of town, or their son or daughter is going off to college in another town or state, be sure to educate them about shared branching and show them how to locate branches to use.
- Use the MARC website to create statement stuffers, customized with the credit union’s logo to educate members about shared branching and provide outlets in the area they could use.
- Display location cards at teller lines, which allow members to fill out all of the information they need to make a shared branching transaction, as well as instructions to find a shared branching location. These are also available on the MARC website and are the perfect size to fit in a wallet.
Make sure to get the word out to your members about shared branching and be on the lookout for more marketing tips in future issues.
Spotlight On … Eli Lilly Federal Credit Union
In 1996, Indiana based Eli Lilly Federal Credit Union expanded its field of membership from active and retired Eli Lilly employees to include their spouses as well. At the time, all five of Eli Lilly FCU’s branches were located within Eli Lilly and Company’s facilities, which were not accessible to the additional new members. Eli Lilly FCU needed to find a solution to accommodate its members’ financial services and needs.
Once Eli Lilly Federal Credit Union’s field of membership began to grow, the decision was made to join the shared branching network through Credit Union Centers, LLC, CO-OP Shared Branching’s local network for Indiana & Illinois. “The shared branching network is critical to our strategy as our branches have restricted access,” said Ms. Connie Perry, Senior Vice President of Administration for Eli Lilly Federal Credit Union. “Our members conduct 300,000+ transactions annually at shared branching locations. Without this delivery method, we would not be nearly as successful in growing our membership, and serving our current members,” Ms. Perry stated.
Shared branching also assists Eli Lilly FCU during the busy holiday season and after business hours. “Our branches inside the Eli Lilly and Company facilities are closed the last week of each year for the holidays, so our members are able to use the shared branching locations at this time,” Ms. Perry said. “Our members also appreciate that some of the shared branching locations offer evening and Saturday hours.”
In February, Eli Lilly Federal Credit Union opened its SEG to Amazon.com, providing financial services to over 12,000 Amazon employees. Since Amazon.com is not based in the state of Indiana, shared branching, as well as other electronic financial services, offered through Eli Lilly FCU, will provide ease and convenience for its members’. “We do expect to see more shared branching activity as we add more SEGs,” Ms. Perry said, “It’s the convenience of nationwide shared branching that has allowed us to serve members in all 50 states for many years.”
Eli Lilly Federal Credit Union markets shared branching to its members’ on their website, www.elfcu.org
. On the home page, a search engine is provided where members are able to locate a shared branching location, whether it’s close to home, while traveling or near their workplace. Eli Lilly Federal Credit Unions also promotes solely within the state of Indiana. “Specific to Indiana, where most of our members are located, credit unions now operate the largest branch network in the state,” Ms. Perry said, “There are currently 201 shared branching locations in Indiana. That’s more branches than any other financial institutions doing business in the state.”
Shared branching provides Eli Lilly Federal Credit Union the opportunity to be able to offer members convenience and carry on the credit union spirit of people helping people. “Shared branching showcases the collaborative spirit of credit unions,” Ms. Perry said, “We support one another and share resources for the common good of our members nationwide.” Shared branching has also given Eli Lilly Federal Credit Union the chance to compete with large financial institutions without the cost of brick-and-mortar. “Without the 4,000+ shared branching locations in the United States, we would not be able to serve our members’ needs in such a cost-effective manner,” Ms. Perry concluded, “We are very excited to be a member of the shared branching network.”
Product Update: CO-OP Mobile with Multi-Mode Platform
CO-OP is pleased to introduce CO-OP Mobile with Multi-Mode Platform. The new platform offers credit union members the ability to gain real-time access to account balances, make transfers, and locate CO-OP Network ATMs and CO-OP Shared Branching locations from their mobile phones. The CO-OP Mobile Multi-Mode Platform provides credit unions flexibility in choosing to implement one, two or all three access modes for members.
The access modes are:
Text Banking (SMS)
Mobile Web Browser
- Offers the greatest member reach of all three modes.
- This option is accessible by virtually anyone with a mobile phone with text capability.
- Accessible by anyone with a smartphone with browser capabilities.
- This option provides secure access with pass codes and portability to different mobile devices without member re-enrollment.
- Delivers the best experience and highest functionality with custom fit screens and credit union branding.
- Uses industry best practices for the most secure mobile banking.
- Available for most smartphones.
- One-time fees apply for downloadable applications, including the iPhone application.
CO-OP Mobile is integrated into the Next Generation Network (NGN) platform, providing no additional required updates to the credit union’s host system or online banking system. In addition, since CO-OP Mobile utilizes the NGN platform, it will require minimal infrastructure investment to credit unions. CO-OP Mobile Multi-Mode Platform offers credit unions greater access and convenience to members with the latest technology. For further information, please contact Sandy Shenk.
SAS70 Now Available
Credit Union Service Corporation (CUSC) engaged Deloitte & Touche LLP, a leading audit firm, to conduct an independent audit of their internal controls and management of the Next Generation Network. If your credit union would like a copy of the SAS70 report for 2009, please e-mail Sandy Shenk and an electronic complimentary copy will be e-mailed. If you prefer a printed copy, they are also available at a minimal charge to your credit union.