Advertisement

CreditUnions.com

Remember Me
Register | Forgot Password?

9



April 12, 2004


Join the Conversation



2000 characters left
  


Comments

RSS

Anonymous

7/26/2012 04:14 PM

I found this very interesting. We've had billpay for about a year and havae about 400 members signed up. However, we are charging a monthly fee after the first 90 days. It would be great to know if the financial institutions are charging for the bill pay product.

Anonymous

7/26/2012 04:14 PM

I would be interested in finding out more about how credit unions determine the monthly fee for this service.

Anonymous

7/26/2012 04:14 PM

Callahans also did a webinar broadcast on Bill Pay strategies (available as a webcast now on cd-rom). One of the speakers was Schools Financial Credit Union (CA) that made the decision to not charge members last August. Their presentation outlined their justification, strategy, goals, and results.
http://www.creditunions.com/solutions/webinar/billpay.htm

Also, you should check out the Bill Pay category in the CreditUnions.com Info Center for all the related articles and resources on this important subject.

Anonymous

7/26/2012 04:14 PM

We are a medium sized credit union. Looking at Free vs. Fee Bill-Pay, I see there is a significant savings for larger institutions (economies of scale) on a per member basis. Are there any medium or small credit unions that offer this service for free? What is your experience and has it been a proverbial "moneypit"?

Anonymous

7/26/2012 04:14 PM

Callahan has done a research study on this. Helps by analyzing charge v. free v. relationship models that other credit unions are already doing. http://www.creditunions.com/solutions/research/BillPay.htm

Anonymous

7/26/2012 04:14 PM

We currently charge for bill pay but may offer free in the very near future. Does anyone have any criteria for "free" such as comination of deposits or loans, etc?

Anonymous

7/26/2012 04:14 PM

We are going to put bill payer on our site and we would like to charge for it as it does add to the value of our otherwise fee site. We are thinking of 4.99 to 6.99 after and introduction period of maybe up to 90 days.

Anonymous

7/26/2012 04:14 PM

I have noticed the bank's in our area started charging a few years ago or maybe offered a few months free but now several have taken this as a cross-sell opprtunity and are offering it free - curious what you have found.

Anonymous

7/26/2012 04:14 PM

I am a former corporate CU employee who now consults for credit unions needing secondary research. For a bill pay assessment, I recently looked at 30 California banks' web sites examining their bill pay options. Twenty-three offer free bill pay (10-20 bills free per month). Seven charge $2.95 -$6.95 per month. Eleven restict free BP to customers with an account relationship (e.g., high balances of $5,000+ but CDs not included--or direct deposit). Five imposed inactivity fees ($5.00 or so) for no BP activity ranging from one to 12 months.

Advertisement
Advertisement
Advertisement
Platinum Suppliers   |   Get Listed
Copyright © 2016 Callahan & Associates, Inc. All rights reserved. Website design and website development by Americaneagle.com