The Pulse (01-25-13)
Jan. 25, 2013 ● Volume 02, Issue 04
View 01-25-13 issue of The Pulse
Products & Services News
Minnesota CU fills critical role in state's Shared Branching network
The Minnesota Credit Union Network helped to expand the availability of Shared Branching locations across the state with the addition of Minnesota Valley Federal Credit Union in southern Minnesota. Minnesota Valley FCU's two branches bring the number of Shared Branching locations in Minnesota to 36.
With MnCUN's addition of this latest Shared Branching participant, the nationwide network offers nearly 5,000 service centers across the country that credit union members – no matter which participating credit union they belong to – can access as if it were their own. Through Shared Branching, credit unions here and across the country combine their services and provide members with thousands of convenient locations to perform transactions similar to those they conduct at their primary credit union, including making deposits, withdrawals, loan payments and more.
Consumers have said that banking locations near their home or work is a major factor in determining their choice for a primary financial institution. With thousands of Shared Branching locations nationwide, this network of credit unions competes with the largest banks in the United States.
"The expansion of the Shared Branching network is important to credit unions' growth, and it's a vital piece of a successful member-retention strategy,” said MnCUN Vice President – Network Service Corporation John Ferstl. "Shared Branching helps credit unions attract and keep members by offering them branch options around the state and nationwide. This network of service centers increases the probability of finding a credit union nearby – no matter whether the member is close to home or on the road.”
To discover how your credit union can join this valuable network, visit the Shared Branching page of the Network website. With questions, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.
LSS provides resources for credit unions to help members manage medical bills
Many households are feeling the pinch of rising medical bills. Medical debt is becoming a common financial stressor, and large medical debts are now cited as the top "tipping point” in filing personal bankruptcy. It's not just uninsured households that struggle; rising co-pays and deductibles affect the insured, too. To assist credit unions in helping members manage medical debt that could otherwise destabilize a member's overall finances, MnCUN has partnered with LSS Financial Counseling Service to offer Financial Choice to credit unions.
This service provides budget and debt counseling in-person at eight Minnesota locations, and through nationwide phone and internet counseling, so members receive the help they need to work through the maze of insurance claims, co-pays and competing debts. The debt management plan at LSS creates payment in full to all creditors – with good credit score outcomes – by giving members encouragement and practical tools to make debt repayment achievable.
To discover how your credit union can benefit from LSS financial wellness products and services, contact MnCUN Vice President—Network Service Corporation John Ferstl by email or (651) 288-5505.