The CU Journal Daily
CO-OP Network Raises Fees
ONTARIO, Calif. -The cost for credit unions to have fee-free access to nonbank ATMs is going up for The CO-OP Network's 1,800 credit union members. As of May 1, the CO-OP will increase the interchange fee paid by debit card issuers to nonbank ATM operators for each ATM withdrawal made by a customer of the issuer from 60 cents to 70 cents. CO-OP officials say the increase is justified because ATM acquirers have seen their ATM cash-replenishment costs increase.
The string of interest rate hikes in the past year means the companies that supply cash to the ATM owners pay more to reserve cash for ATMs. The CO-OP's credit union members can offer the surcharge-free program to their 25.8 million debit cardholders. The CO-OP Network's largest off-premise ATM participants include Publix Supermarkets, Cumberland Farms convenience stores, The Pantry convenience stores, 7-Eleven Stores and Los Angeles-based Financial Consulting and Trading Inc.
Florida Commerce On The Bus
TALLAHASSEE, Fla.-Florida Commerce CU rolled out a new promotion last week that wraps all the way around the city's buses. Two of the city's buses have been wrapped entirely with advertising touting the $250-million credit union's new logo, slogan and advertising campaign, making it the first local business to sign on to the moving billboard concept.
The wraparound ads feature comments from credit union members accompanied by the new gold, black and blue logo underneath the slogan, "Committed to You." The two initial bus wraps cost about $14,000 and will run about $4,000 a month to keep them on the buses for the whole year.
Floyd Expands In Exec Search
BAYTOWN, Texas-John M. Floyd & Associates, Inc., which has primarily been known for its overdraft protection product, is introducing an executive search service to help credit unions, banks and s&ls find top talent.
The company currently has its JMFA Overdraft Privilege program in place at more than 1,000 financial institutions. Garry Modrell and Charles Shanley, both heavily experienced in the banking and credit union fields, have been hired to head the new operation, to be known as JMFA Executive Search Group.
ABECU Adds StreamLend Velocity
ST. LOUIS-Anheuser-Busch Employees' CU said it has signed with IA Systems to implement the company's StreamLend Velocity to automate and accelerate its lending operations for consumer indirect, and home equity loans. The system is customizable and paperless and automates the entire lending process, from processing and underwriting to funding and closing.
The $810-million credit union has chosen to use IA Systems' new application service provider facility, a low-cost option that eliminates the need for on-site installation and maintenance, and provides superior disaster recovery support.
Home Materials In Spanish
MIRAMAR, Fla.-Eastern Financial CU has become one of the first home lenders to use bilingual mortgage documents and educational brochures developed through a joint initiative with Freddie Mac.
The tools, in English and Spanish, are designed to assist lenders increase homeownership among the Spanish-speaking community by reducing the communications barriers to understanding the mortgage process.
The bilingual initiative was conducted with Wolters Kluwer Financial Services, parent of Bankers Systems.
WFFCU Adds LoanLink Center
APPLE VALLEY, Minn.-Wings Financial FCU said it has chosen CUNA Mutual Group's LoanLink Center as its member contact center. LoanLink Center seamlessly and automatically downloads applications into a credit union's loan application system. Over the past 11 months CUNA Mutual has signed 136 credit unions to LoanLink Center.
Diebold Acquires ATM Servicing
CANTON, Ohio-Diebold Inc., the dominant player in the ATM market, has agreed to acquire the ATM servicing business of Genpass Inc., which provides maintenance for 6,000 ATMs in 34 states.