A Strong Collections Game Plan

Security Service Federal Credit Union doesn’t let account delinquency dampen spirits or stall business.

 
 

During production for the 3Q10 edition of Credit Union Strategy & Performance, we traveled to San Antonio to profile Security Service Federal Credit Union ($6.1B, San Antonio, TX). The credit union, which serves members in Texas and Colorado, was perfect for the “Anatomy of Dual Market” feature in CUSP.

While in Texas, we spent some time with Nancy O’Malley, VP of asset recovery at SSFCU, and she shed light on how the credit union handles collecting in different markets, staff training, and how to navigate myriad collections scenarios.

Because SSFCU operates in two states, staff must be aware of the different laws that apply to collections in each community. To that end, the collections folks are trained on compliance matters and also in best practices for how to interact with members and get a resolution. The credit union also treats each collections scenario individually and develops a plan of attack for how to interact with the member and recover the assets if at all possible.

Interested in hearing about the specifics right from the source? Click the screen shot below, and watch the first two videos in the player to hear it all right from Nancy. And then check out the rest of the webisodes to see how SSFCU caters to members in two time zones.

 

 

 

April 14, 2011


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