This week, CreditUnions.com takes a dive into the payments channel, from instant issue debit to the future of checks.
Here are five don’t-miss data points for the week:
With data hacks on the rise both in frequency and scope the process of replacing plastic is on the minds of financial institutions.
Traditionally, when a member reports a debit card as lost, stolen, or damaged, a credit union calls its card processor and the processor sends a new card to the member usually within seven to 10 business days. However, it could take longer.
That’s why Financial Horizons and Lake Trust credit unions offer instant issue debit. In 6 Tips To Offer Instant Issue Debit Cards, the credit unions share tricks to navigate on-demand card programs.
Credit card usage among credit union members is not going the way of the dinosaur, even if by one measure it does chart like a stegosaurus.
A graph depicting the percentage of credit card loans as part of the overall credit union loan portfolio trends up and down and evokes the spikey-spine beast of the past.
Learn more about the dips and spikes and why delinquencies and charge-offs might suggest the economic recovery faces extinction in Of Dinosaurs And Credit Cards. ContentMiddleAd
In June of 2016, when InFirst Federal Credit Union was looking for a way to revamp its VISA Rewards credit card, it took a look at the newly relaunched Costco card and decided to do one better. The result? An impressive rewards program that offers, among other benefits, 4% cash-back on all gas purchases.
Learn more about this DC-area credit union’s rewards card in The Richest Credit Card In Credit Union Land?
ACH debits become eligible for same-day settlement on the country’s largest money rail on Friday, Sept. 15.
The date marks the second in a three-phase process that began on Sept. 23, 2016, with the addition of two windows to make ACH credit transaction settlements a thrice-daily affair. Phase Three begins March 16, 2018.
These changes speed up a payments network that accounted for 25.6 billion transactions worth $43.7 trillion in 2016.
Learn more about the changes and the credit union impact in Why Same-Day Debit Is A Challenge And An Opportunity For Credit Unions.
The Federal Reserve once processed checks at 45 centers around the country. That dropped to one in 2010.
Paper checks, like the branch tellers who take them, have long been considered on the endangered species list. In reality, however, checks still garner a lot of use.
Credit unions are seeing a generational shift in how money flows in and out of the institution, but it’s a process more than a pitfall. Learn more in The Check Is Dead. Long Live The Check.
Finally, a special thank you is in order for the underwriters of this week’s payments theme. We appreciate the enthusiasm with which these five suppliers emrbace the role of thought leader. Read what they have to say below:
- Translating Consumer Expectations Into A Practical User Experience
- Is Bill Pay Still Relevant For Credit Unions?
- Credit Unions Are Getting The Upper Hand On Business Growth And Making Analytics Actionable
- Unsecured Vs. Secured: Facing The Challenges Of Unsecured Lending
- 2 Reasons Your Credit Union Needs A Real-Time Payments Strategy