Virginia Credit Union Streamlines Balance Transfers Realizing Significant Cost Savings!

Looking for an opportunity to streamline internal balance transfer processes and increase credit card promotion efficiency, Virginia Credit Union (VACU) sought out advice from its card-processing partner, PSCU Financial Services. VACU realized that its current balance transfer process had two major drawbacks. First, large-scale credit card promotions were causing an excessive amount of staff overtime to accommodate member requests and meet service commitments. Second, the involvement of several departments in performing balance transfers was creating a lengthy processing period. Both drawbacks were costing the credit union valuable time and money. In seeking a solution, VACU desired a system that would lighten the workload, increase interdepartmental efficiency and simplify the entire process. PSCU Financial Services had the right answer - Balance Consolidation. With Balance Consolidation Solution, the credit union is now enjoying substantial time and cost savings on conducting those once tedious balance transfers, while retaining valued members and providing them with the utmost in convenience.

With just under $700 million in assets and over 132,000 members, Virginia Credit Union, located in Richmond, is among the nation's 100 largest credit unions and the third largest in Virginia. Last Spring when VACU offered a large-scale credit card promotion, the member response was so tremendous that the credit union's workforce was overwhelmed. During the promotion, the volume of balance transfer requests was as high as $22 million! The manual process of conducting a balance transfer involved several steps including putting a hold on the account, receiving authorization, sending a request to Finance for funds disbursement, etc. In addition, stop payment and reissue procedures were conducted by the Accounting Department. Needless to say, VACU's balance transfer process was lengthy and cumbersome.

PSCU Financial Services provided VACU the ability to automate and simplify its balance transfer process with Balance Consolidation Solution. Since implementing Balance Consolidation Solution, VACU's card marketing promotions have been very manageable, requiring no staff overtime. Additionally, the Card Services Department has become more self-sufficient, now being able to handle stop payment and reissue requests within the department. This has freed up valuable time for the Accounting Department to carry out other pertinent tasks. Diane Anderson, Card Services Supervisor, stated, "Before Balance Consolidation Solution, it would take two days of prepping the balance transfer for disbursement. Now by simply keying basic information into the system, such as the payee name, address and dollar amount, a check will be cut and mailed automatically to the lender." Diane continued, "It makes such a big difference. We ran a very successful promotion with both balance consolidation and convenience checks that didn't require additional assistance from other departments, making the promotion flow quickly and easily. With PSCU Financial Services' enhancement, the Card Services Department capabilities have increased tenfold."

In addition to internal cost reduction, the credit union is benefiting from increased member satisfaction and retention. Balance Consolidation offers the ultimate convenience for credit union members by taking just a few minutes to transfer their high balances to their preferred VACU credit card. Balance Consolidation Solution saves VACU and its members an estimated 15 minutes per balance transfer request. "It has made a big difference; the staff loves it. Balance Consolidation Solution has taken our balance transfer time down to a couple of minutes, leaving staff time for other assignments and NO overtime," stated Anderson.

In conclusion, Balance Consolidation Solution has greatly simplified the balance transfer process for VACU, creating time efficiencies between departments and employees, thus enabling staff to concentrate on other essential tasks and reducing the need for overtime. VACU is realizing substantial cost savings through increased efficiency of the entire process. Anderson concluded, "Balance Consolidation Solution has smoothed out the balance transfer process and increased overall productivity and efficiency for Virginia Credit Union. Kudos to PSCU Financial Services!"

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