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Jax Federal Credit Union Experiences Extraordinary Balance Transfer Promotion with Balance Consolidation Solution

Jax FCU, located in Jacksonville, Florida, was searching for a way to conduct balance transfers efficiently and effectively. The internal balance transfer procedure that was in place was very lengthy and involved several departments. Plus, a better tracking method was needed. The manual process included posting cash advances to accounts, then giving the information to several departments to process and mail the checks. Jan Miller, Visa Coordinator for Jax FCU, affirmed, "There was lots of paper work and too many hands in the process." The manual procedure made conducting wide-scale promotions extremely difficult. Jax FCU wondered how it could make the balance transfer process more timely and streamlined for its employees and members. Partnering with PSCU Financial Services provided the answer.

Why Partner with PSCU Financial Services?

By partnering with PSCU Financial Services, Jax FCU was able to implement the Balance Consolidation Solution to automate its balance transfer process. The Balance Consolidation enhancement smoothed the process of conducting balance transfers, making it more efficient and less labor intensive. Essentially, the automated process reduced the number of departments that were needed and lessened the paper load. Now, promotions can be run easily and quickly without the call for hiring additional staff. Furthermore, the Balance Consolidation Solution provides useful online reports, which include total dollars processed and check numbers, creating a simplified tracking process for Jax FCU.

Promotions with the Balance Consolidation Solution

Jax FCU, with over 34,000 members, ran a well-planned promotional campaign during March and April of 2001 that targeted its Gold and Classic cardholders. The promotional balance transfer interest rate was 9.9% until the transferred balance is paid in full. With the promotion creating a tremendous response, Jax FCU was able to handle the balance transfers in a timely manner with its new automated process -- Balance Consolidation. New accounts increased by 385 members while 144 current cardholders transferred balances; astoundingly, the total balances transferred soared to over $2.4 million. Needless to say, Jax FCU was extremely pleased with the promotion. Jan Miller shared, " PSCU Financial Services' Balance Consolidation Solution is a great tool to use when a promotion is in place. The check is processed and mailed the following day, which is a great cross-selling tool for us. Plus, the confirmation letter sent to our members is an asset." She added, "We have run promotions in the past, but none of them were as outstanding and ran as smoothly as the promotion with the automated Balance Consolidation process."

Promotional Tips

To enhance its balance transfer campaign, Jax FCU utilized a variety of marketing techniques including:

• Inserts in monthly share draft statements
• Inserts in cardholder statements
• Advertisements in monthly newsletter, Eagle Eye
• Direct mail pre-approvals
• Brochures placed on teller lines and drive-thrus
• Call Center cross-selling
• Employee incentives (both cash and "dress down days")
• Posters in branches and at drive-thrus
• Printed messages on all receipts from teller line

An added employee incentive that Jax FCU utilized was name recognition. Every time an employee cross-sold a balance transfer, that was processed, the employee received a "Kite" with his/her name on it. The "Kite" was put on display so that members could see the name of the employee and the dollar amount the employee saved the member through conducting a balance transfer. Jan shared, "The Kites really energized our staff, and they were an excellent tool for letting members see how much they could actually save by doing a balance transfer with Jax FCU."

Additionally, the credit union had pre-printed forms for balance transfers available for each employee to complete, making the procedure a simple step-by-step process for them. Employees were able to enter the exact information that the credit card department required which substantially reduced the processing time by virtually eliminating the need to send back erroneous forms.

Conclusion

Jax FCU was able to enhance its Gold and Classic credit card portfolios significantly by implementing PSCU Financial Services' Balance Consolidation Solution. Coupling the Solution with creative marketing tools, Jax FCU experienced its most successful balance transfer to date. Jan Miller remarked, "Balance Consolidation is a very user-friendly process. When a process is simple but effective, it can really make a difference in how the promotion will work for everyone—the employees and the members."

If you would like additional information on how your credit union can benefit from streamlining its balance transfer process with the Balance Consolidation Solution, please contact your PSCU Financial Services Account Executive today!