Dec. 11, 2006


  • Great article. I believe that the credit union industry, particularly the smaller credit unions within the industry are under alot of pressure due to the increasing cost of technology and the cost of offering services. Instead of evolving into banks and relying on feeing members to solve problems (witness the overdraft protection craze), we need to work together to create a cooperative within the industry to keep costs down. The cost of offering bill pay is way out of line with what it should be. The ACH network should be a model that we strive for. How is it that this network can process a transaction and only charge a fraction of a penny? Why aren't the people that run this network looking to make more money, is there something wrong with these people that they are not looking to make huge profits at the expense of their cusomers? I love the way the ACH network operates and thank god that it is not purely motivated by profit. I also think that the only hope for our industry is for the Corporate Credit Unions or some service organization within the industry to try to mimic the ACH network in their pricing structure and philosophy. For instance, they can provide a bill pay service that doesn't overcharge their cusomers. The industry needs to get together and not try to make a profit from each other,while offering superior customer service. Some of the CUSOs that were created were supposedly started with this in mind, however, profit for the majority CUSO owners and big salaries for the guys at the top were the primary goals while customer service seemed to be a distant secondary goal. I think a task force needs to look at the collective future of the industry and the profit driven motive needs to be removed from the solution set as it is not a solution but is really part of the problem as I see it. My opinion only Rich Putrelo Controller Pittsford FCU
    Rich Putrelo