The latest postal rate increase has triggered more interest in electronic statement
Mark Schulte, president and CEO of Lasertec Inc., of Sterling Heights, Mich., said more credit unions have
"In speaking to new credit unions, we are definitely using it to our advantage," Schulte said, noting that the postage
Lasertec Inc, which has been providing hard copy statement delivery for CUs since 1984, added the electronic
"We've probably got 50 out of our 200 (credit union clients) actively using it," he said. "And, I'd say we are getting
Considering the benefits, Schulte said, he's not surprised. "We think it's a pretty good product," he offered. "There
Lastertec maintains a database for its clients, and for those members who agree to receive their statements
"Credit unions inform members (via e-mail) that their statement is ready and offer links to their website," he said,
24-Hour Turnaround
Typically, electronic statements are available within 24 hours after the credit union sends the information to
The cost to credit unions is minimal compared to the traditional method, Schulte said, explaining that credit unions
"Typically, the savings is up to 80% of their costs," he said. "It's a straight printing fee." Costs for postage,
Steve Moseley, CFO at MidFlorida FCU in Lakeland, Fla., said he's been pleased with the service thus far and
"We feel it's sort of a longer term benefit to our credit union," he said, acknowledging it will take some time before
Since the $525-million MidFlorida started offering e-statements through Lasertec nearly two years ago, 6,500 of its
"We originally offered it as a competitive advantage first and a cost savings second," Moseley said, adding that the
And, a recent promotion offers an additional $5 dollar incentive, he said, noting that it is informing members of the
Once they access their statements, he said, they could save it to view later or print.
Schulte said statements are stored for 60 days at no additional cost to the CU. Some do prefer to pay extra fees to