Credit Union Times - October 1, 2008 - (Page 22) Special Report: Credit / Debit / ATM Debt Rises, Delinquencies Fall CHICAGO — Cardholders continued to add to their overall card balances in the second quarter, but card delinquencies continued to drop according to one of the nation’s big three credit bureaus. TransUnion reported that average credit card debt nationally rose 2.63% to $1,717, up from $1,673 and 8.6% from the second quarter of 2007. The highest states for average credit card balances were Alaska ($2,494), Tennessee ($2,109) and Alabama ($2,015). The lowest card balances were in Iowa ($1,281), North Dakota ($1,318) and South Dakota ($1,388). Credit card balances rose the fastest in the second quarter in Washington, D.C., Alaska and Tennessee, TransUnion said. But as debt rose, the the number of delinquencies continued to drop. Nationally, the ratio of credit card borrowers delinquent on one or more of their credit cards declined to 1.04% in the second quarter of 2008, down 12.6% over the previous quarter, TransUnion reported. But TransUnion reported that on a year-over-year basis, the national delinquency rate has risen 14.3% from 0.91% in the second quarter of 2007. Delinquencies were highest in Nevada (1.72%), followed by Florida (1.34%) and Mississippi (1.30%). ATM scans the deposit, asks for verification, and provides a receipt with a summary of the transaction. Not only do these new machines result in greater efficiency and higher security, members will benefit from reduced hold times on deposits made at the ATM, the CU said. CO-OP to Make Investment in ATMs Signs RANCHO CUCAMONGA, Calif.— CO-OP Financial Services will invest millions of dollars over the next three years to help credit unions participating in its surcharge-free CO-OP Network brand their ATMs with a prominent CO-OP logo. The CUSO has announced that it will pick up to $400 of the cost of adding the backlit signs on plastic displays for walk-up machines and banner signs for some drive-up machines. “Given that over 70% of network ATM volume occurs at credit union-owned ATM locations, helping members find the thousands of CO-OP Network surcharge-free ATMs nationwide boldly illustrates that credit unions have more ATMs than any bank,” said CO-OP Financial Services CEO Stan Hollen. “With CO-OP’s ATM signage program, credit unions display their logo side-by-side with CO-OP Network, reinforcing to members that they truly don’t need a bank. Their credit union is not only better, but more convenient.” CO-OP is recommending that credit unions that accept the help on the signs put the CO-OP logo on the upper right corner of the sign, opposite a significantly larger credit union logo on the upper left. Jim Hanisch, executive vice president network operations and corporate development, acknowledged that it was the cost of the backlit plastic platform that hikes the cost to around $400 and said that the CUSO was committed to spending the millions of dollars it might take to make the change. “If we had our way, all machines affiliated with us would accept the offer and carry the logo,” Hanisch said. “That’s unlikely to happen of course, but we expect this offer will be particularly popular with credit unions that are changing names and there is a lot of that these days.” Calif. CU Adopts No Envelope ATMs WOODLAND, Calif. — The $171 million Yolo Federal Credit Union has announced that it will complete conversion of its seven ATMs to be envelope-free by Sept. 30. “Yolo Federal Credit Union continues to implement technology that not only improves service levels and convenience for our members, but is environmentally friendly. These new machines have the potential to save 1,000 trees per year as well as reduce unnecessary waste,” said Jenee Rawlings, vice president lending and support services. The CU, which is a member of CO-OP Network, did not disclose the ATM manufacturer but said the envelope-free ATMs are equipped with image-capture technology that allows bulk processing of both checks and cash. The machines will accept and magnetically read checks and provide high-quality secure images of the item on the receipt. Cash is inserted into a designated slot. The 22 Credit Union Times, October 1, 2008 cutimes.com http://www.wescorp.org http://www.cutimes.com
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