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Posted: Dec 18, 2017
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INTRODUCING TRELLANCE

It isn’t every day that we have such awesome news to share on ThePaymentsReview; and fortunately today is one of those days. The PaymentsReview is proud to announce a new company, Trellance.

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Posted: Oct 26, 2017
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5 Tips for Building Brand Recognition

(Editor’s Note: This article was previously published on CU Insight)

Back in the day, the standard to having the ultimate brand recognition was making your brand a “household name” meaning it would become a staple or necessity in homes, such as Kleenex and Band-Aids. Today, the standard is making it a verb, that is your brand becomes the word that names the action that is being taken. We no longer ask did you research it, we ask did you “Google” it. And in the payments space, we have observed the PayPal owned Venmo, the peer-to-peer (P2P) payment option of choice for many millennials, achieve this status in a relatively short period of time. We now say “Venmo” me the money.

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Posted: Oct 5, 2017
Categories: Credit Cards, Marketing
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Author: Michele Featherstone

Philadelphia’s American Heritage FCU offers a parachute to members in need

When it comes to the record growth of consumer debt, many questions come to mind. What do we know? What can history teach us? What should a credit union do to keep their members safe? According to Federal Reserve data, total U.S. credit card debt has reached $1 trillion, surpassing a previous mark set in April of 2008 just before the Great Recession. For households that carry credit card debt, the average amount per household is now $9,600, which equals 17 percent of an average U.S. household income. The average interest rate on a credit card is 16 percent, and about 24 percent for those with subpar credit, that debt grows between $1,600 and $2,300 each year. Yet, despite growing household debt at potentially increasing interest rates, most Americans appear to be optimistic about the future due to the stable economy and low unemployment. Unfortunately, all it takes is one major set-back in the way of a job loss or major medical situation to turn the tide and create problems for consumers with high credit card debt.
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Posted: Sep 28, 2017
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Is your credit union prepared to capitalize on increases in member spending?

Back to School is over, Fall and pumpkin spice are in the air, and your members are already thinking about holiday purchases, and it’s only the end of September.  If you have a co-worker who has marked the employee break room calendar with a countdown of the number of paychecks left before the holidays, now is the time for your credit union to create holiday credit and debit usage campaigns to compete for transactions, and capture the projected increase in holiday spending this year.
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Posted: Sep 21, 2017
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Author: Michele Featherstone

As “banking at the fringes” chips away at traditional banking services, credit unions need to shore up their offerings.

[Editor's Note: This article was previously published on CU Today and has been modified.]

The Office of the Superintendent of Financial Institutions (the OSFI is the Canadian equivalent of the US Office of the Comptroller of Currency) has issued a restriction – that any non-banks must remove the terms “bank”, “banker” and “banking” from any references provided by that financial institution. Any financial institutions that continue to use these terms can face criminal charges. “The restriction applies to all non-bank financial service providers, including both federal regulated trust and loan companies and provincially regulated institutions (i.e. credit unions). So processing checks, granting loans, and managing individuals’ wealth is not considered banking in Canada.

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