The End of the PostAge
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The End of the PostAge

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How to reduce your notice and statement costs by switching to eNotices and postcards.

How to reduce your notice and statement costs by switching to eNotices and postcards.

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The End of the PostAge The End of the PostAge Presentation Transcript

  • The end of the post age
  • An Overview
    • Your credit union’s printing needs
      • Notices
      • Statements
      • Announcements
    • How much does it all cost?
      • Postage and Printing
      • Minimizing your costs without sacrificing service
    • Get the facts!
  • NCUA RULING
    • NCUA Says CUs Need Not Send Notice
    • For Every Insufficient Funds Charge
    • ALEXANDRIA, Va. – NCUA said federal credit unions are not
    • required to send a notice each time a member incurs an
    • insufficient funds, or overdraft fee, but the charge must be
    • recorded in the subsequent periodic statement.  
    • However, while not required to do so, NCUA guidance states it is
    • a “best practice” to notify members promptly, the agency said in
    • a legal opinion letter posted last week and issued to High Plains
    • FCU, in Clovis, N.M.
  • What you’re printing
    • Statements
    • Notices
    • Announcements
    • How much does all that cost?
  • Notices
    • Ad Hoc
    • Timely?
      • When is your member getting the notice?
      • How useful is it when it comes?
    • Cost?
      • Time and postage
  • Letters and Info Pieces
    • Messages from the CU
    • Just as costly as other mail sent, even in plain envelopes
  • What does all that cost? Statements Cost of Statements (@ $.70 per) Notices Cost of Notices (@ $.60 per) 20,000 $14,000 5,000 $3,000 40,000 $28,000 10,000 $6,000 80,000 $56,000 20,000 $12,000
  • What does all that cost?
  • Ouch! My budget!
    • What’s making statements costlier to print?
    • Too much transaction information
    • High transaction volume brought on by debit cards
    • Printing and postage being inelastic means prices only go up year-to-year
    • More transactions = more ink and more paper = more money
  • Ouch! My budget! From WSJ.com Look at all that debit card usage!
  • Ouch! My budget! While we’re on the topic of postage Postage is going up…and up and up! Now at $.44, its highest rate in history In 20 years, postage has increased 300%. Extrapolated, that means postage could be as high as $.60 in the next ten years. Can you afford that?
  • Ouch! My budget!
    • What’s making notices costlier to send?
    • Sending a whole notification letter each time gets costly
    • Many notices are unnecessary or not required by regulation
    • From CUNA NewsNow:
    • Disclosures of NSF and overdraft fees are generally governed by NCUA’s Truth in Savings Act rule. NCUA’s TISA rule requires periodic statements to include a disclosure of any fees, including those for NSFs and overdrafts, debited from an account during the statement period.   An FCU must itemize the fees by type and dollar amount, said NCUA. A recent amendment to NCUA’s TISA rule also requires the disclosure of the total dollar amount of overdraft fees charged to an account in both the statement period and the calendar year to date. The total dollar amount includes per item fee, interest charges, daily or periodic fees or fees charged for maintaining the account in an overdraft status.
  • Here come the facts
    • BEST PRACTICE: You can be compliant AND make eStatements the default at your CU
    • Electronic only accounts
    • Make default for new accounts, new online members
    • Set default and confirm opt-in
    • But you’re wondering – “If we make eStatements the default, how many people will opt-out?”
  • Here come the facts These are retention rates, or the percentage of members who chose to stay with eStatements
  • The Customer Communication Center This single sign-on, highly-secure online application can provide your members with eStatements, online documents, notices and important information chosen by you.
  • Here come the facts
    • BEST PRACTICE: You can get away with a “Top 5” notice strategy
    • Non Sufficient Funds
(ATM, Share Draft/Checking, ACH)
    • Notice of Transfer
(ATM, Share Draft/Checking, ACH)
    • Past Due Payments (5 day, 15 day, 30 day)
    • Address Change confirmation
    • Certificate Maturity
    • How much more could you need?
  • Here come the facts
    • BEST PRACTICES: Turn the rest of your notices into eNotices and postcards
    • eNotices can go out days earlier, or immediately after NSF flag raised or low balance alert comes through
    • Postcards are printed in partnership with DigitalMailer print partners around the country. They’re less postage, and take less time to put together than letters and envelopes.
  • Here come the facts Turn the rest of your notices into eNotices and postcards Certificate of Maturity through DigitalMailer CCC Notice of Insufficient Funds through DigitalMailer CCC
  • Here come the facts Notice Postcards NSF notice, complete with total due and overdraft fee notification Card addressed, with postage paid, by the printer Questionnaire attached to back to handle change of address, further notices and overdraft protection opt-ins
  • Here come the facts Notice Postcards Cards are folded with perforated openings to seal information inside Rate change notification
    • Branded
    • Packed with contact information
    • Simple!
    • Leading digital communication provider to CU industry since 2000
    • Safe-listed on 4.3 million servers worldwide
    • CUSO with over 170 CU clients from $35M to $1.7B with 4.0 million members
    • Over 15 million eStatements notifications delivered
    • Email messaging system since 2002
    • Over 15.5 million marketing emails delivered since 2002
    Go to www.digitalmailer.com/notices.html for more info and pricing. Ron Daly President/CEO 866-994-4900 ext. 102 [email_address]