This week, CreditUnions.com takes a dive into the payments channel, from instant issue debit to the future of checks.
Here are five don’t-miss data points for the week:
With data hacks on the rise — both in frequency and scope — the process of replacing plastic is on the minds of financial institutions.
Traditionally, when a member reports a debit card as lost, stolen, or damaged, a credit union calls its card processor and the processor sends a new card to the member — usually within seven to 10 business days. However, it could take longer.
That's why Financial Horizons and Lake Trust credit unions offer instant issue debit. In "6 Tips To Offer Instant Issue Debit Cards," the credit unions share tricks to navigate on-demand card programs.
Credit card usage among credit union members is not going the way of the dinosaur, even if by one measure it does chart like a stegosaurus.
A graph depicting the percentage of credit card loans as part of the overall credit union loan portfolio trends up and down and evokes the spikey-spine beast of the past.
Learn more about the dips and spikes and why delinquencies and charge-offs might suggest the economic recovery faces extinction in "Of Dinosaurs And Credit Cards."