An eStatement Member Benefit That Increases Adoption

Credit unions around the country are seeing significant adoption rates when eStatements with check images are rolled out. Why? With their new eStatement product there is finally something in it for the member…



Credit unions around the country are seeing significant adoption rates when eStatements with check images are rolled out. Why? With their new eStatement product there is finally something in it for the member…

Finally, a Benefit for the Member

Credit unions with eStatements that include check images are finding that member adoption rates are climbing faster than CUs without check images. Why? Members will gladly trade a paper statement for an electronic statement that includes 24/7 access to check images. In this age of information and instant gratification, eStatements with an e-CHECKs module are an excellent product for credit unions. This product uses the CU’s web site to:
  • Promote self-service technology;
  • Provide instant access to information;
  • Create a 24/7 service environment; and
  • Provide an additional channel for members to retrieve images

More importantly, e-Checks can deliver check copies to a member 2-4 days faster than the old way, free up credit union personnel and take the credit union to the next level of customer service in the eyes of their member.

Using eStatements Strategically

Most eStatement programs were launched for the sole purpose of reducing statement delivery cost and speeding statement delivery – both benefits for the CU. eStatements have been providing little perceived benefit for the member - until now. eStatements with check images create member value and a new opportunity to use eStatements as a strategic tool to generate new business and retain existing members. When considering whether or not to add images to your eStatements, keep these points in mind:

1. If a CU uses eStatements as a check image delivery channel, the CU will save money for every new member that enrolls in eStatements because they want image access;
2. eStatement products can retrieve checks as old as your member's statement library as long as your third-party provider has them online;
3. Using online banking products for check images only retrieve checks for 60-90 days so using eStatements gives a member a 9 month increase in getting their own checks;
4. CUs can have image access in both eStatements and online banking and let the member choose how they want to retrieve them;
5. Image access fees are usually lower in eStatements vs. online banking; and
6. Unlike online banking providers, most eStatement vendors are not charging "per check image" charges when retrieving images.

What’s the Cost of this Technology?

The cost of check image technology was once prohibitive for most CUs. The introduction of the Internet and web-based technology has significantly reduced the cost of this product. Recent upgrades by check processors such as WesCorp, Empire, Corporate One and the like have added up to 12 months of image storage with pricing plans that even the smallest CUs can afford. Empire Corporate FCU is even going one step further and is storing images cleared through the Federal Reserve Bank for CUs that want Internet access now! For many CUs the technology is already in place. It’s just a matter of hooking it all together via an eStatement.

A Trade Worth Making?

The current pricing model by the major check processors have eliminated the concern of CU executives who were once worried that members would retrieve every check image on their statement. Their flat fee, unlimited image retrieval plans make it easier than ever for credit unions to implement eStatements with e-Check technology and build the online relationship with their member. Today, with the introduction of this self-service technology it takes seconds for members to retrieve their own check copies. In addition, eStatements with check images are:

  • Creating stronger member relationships;
  • Expanding the development of premium products;
  • Reducing statement printing costs;
  • Eliminating the cost of the CU’s time in retrieving check copies; and
  • Generating new business and revenue for the CU.

eStatementDigitalMailer has a TESTED and PROVEN targeted marketing eStatement solution that can help credit unions reduce costs and generate revenue. Our FREE eStatement Executive Briefing Report on how to make any eStatement program a success is available to CU Executives. To obtain a FREE copy of the report click on the report image or visit our web site at

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DigitalMailer is a digital communication company with products such as e-Lerts, eSurveys and eStatements that assist credit unions in gaining a strategic business advantage via the Internet and their website. Please contact Ron Daly or Greg Crandell for additional information or to share your ideas and comments.

© 2004 DMI




Feb. 23, 2004


  • Nothing new in this story that we aren't already doing.