Consumer Sentiments

User comments from websites like Yelp, Amazon, and Credit Karma can help credit unions shape and refine their payment priorities.

 
 

Comments:
The only thing that really annoys me is the fact that they don't have an online payment option. You still have to pay with physical checks or by phone. Wake up!! You still do not take electronic payments online??
— Anonymous on creditkarma.com

It takes forever to pay bills because they mail everything. Paying bills by mail can take up to a week. Doesn't seem worth it if your bill is due at a certain time, does it? If you do set up snail mail payments, they don't automatically take the money out of your account. It only comes out when they mail the bill a week later. I found out the hard way.
—Anonymous on creditkarma.com

Lesson:
Online payment capabilities are now a basic expectation by most consumers.

Comment:
I told them at the outset I wanted to opt out of overdraft protection and any debit card transactions should be declined if the funds are not there. Long story (somewhat) shorter, I am trying to resolve the fact that I'm still getting fees charged, despite having repeatedly (three times) told them I wanted to opt out.
— Noelle L. on Yelp.com

Lesson:
Make your overdraft opt out process clear and concise. Be sure to notify members of any situations, such as recurring debit charges, that might trigger fees so members can address them.

Comments:
Beyond belief — my card was restricted without notice for $97 that was more than 15 days overdue, despite the fact that I made a prior month's payment of $2000 and was at less than one-third of my maximum balance. I called the number on the card on a Saturday and they could do nothing. I called member services on Monday (they are closed on weekends), and they told me to read the fine print. I fully expect to get "we want you back" mailers after I cancel, but I couldn't even get a temporary waiver until my payment arrived.
— Anonymous on Creditkarma.com

I got a phone call today saying the fraud department didn't like a particular charge made on my debit card and would I please verify it. What they caught today was indeed bogus. This is the first time I've thought Big Brother was actually looking out for me.
— Errol M. on Yelp.com

Lesson:
Fraud is a make or break point in many financial relationships. Don’t just aim to meet member expectations, look for ways to exceed them. Examples include offering additional assistance setting up new payees or investing in instant issuance for more immediate card replacement.

Comments:
I want to buy something and not have to do a calculation on how much money I will be spending. Amazon coins are a way to trick customers into thinking they are not using real money. Please do away with all the coins!
—Blaigan on Amazon.com

To their credit, Amazon is (for the moment, anyway) linking their currency to the U.S. dollar, which means 100 Amazon Coins is worth $1. Of course, the downside of a system like this is that if you don't end up spending all of those coins on Kindle apps and games, then their value is effectively zero. I can see a lot of reasons for Amazon to deploy a payment system like this. I just wish I could see any compelling reasons for customers to use it.
— fair_deal_guy on Amazon.com

Lesson:
Concerns over transparency and usability are keeping alternative currencies like Bitcoin and Amazon Coins from mass market adoption. Make sure your own payment-linked reward points, contests, and retailer partnership programs are clear, to the point, and easy to use so members don’t feel like victims of a bait-and-switch.

Comments:
I like using Google Wallet. Even the vending machine at my school is enabled for it. That said, it's still tough to find places that have an NFC terminal enabled. Walgreens and CVS are probably the most reliable places to use it. The app itself is more secure than a real credit card because you have to have the phone turned on, unlocked, and a PIN code entered to make it work.
— Bryan Green on Google Play.

Amazing. Just got a Nexus 4 and I use Google Wallet any chance I have. I love tapping to pay and the cashiers' reactions are half the fun. Google needs to do a better job of pointing out that only a few phones support NFC fully because that’s where all the bad reviews are coming from.
— Shane Stewart on Google Play.

Lesson:
Consumers are excited about the ease and security that mobile wallets offer. But onboarding members and walking them through phones and retailers that accept the wallet is the key to adoption and, ultimately, healthy transaction activity.

 
 

July 8, 2013


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