WRG’s Skip-A-Pay Product Allows Credit Union Members Flexibility to Manage Funds
Tinker Federal Credit Union (TFCU) has implemented Wescom Resources Group’s (WRG) Skip-A-Pay product as its newest online offering to its members. TFCU members now have the added power of flexibility to manage funds on short notice. With WRG Skip-A-Pay, members are able to conveniently schedule payment skips through their online banking system to free-up cash for any occasion, such as the holidays or summer vacations.
The $1.3 billion credit union was seeking an easy way to offer Skip-A-Pay options to members. Moreover, TFCU was also looking for a product that would potentially earn fee income for the credit union and eliminate the time-consuming and error-prone manual processing that is normally required. By using WRG’s Skip-A-Pay interface, TFCU’s program was so successful that in the first month after rollout the credit union recovered the entire cost of the WRG solution from the modest fees charged for usage.
Other key features of Skip-A-Pay include automatic advancement of loan payment due date, real time processing of the Skip-A-Pay fee, Internet or Intranet availability, and customizable eligibility options that can be defined by such factors as loan type, member, or time of year (i.e. Summer Loan Skips).
“Our previous Skip-A-Pay program required manual processing, which was not only expensive to run but also difficult to track,” said Nancy Entz, assistant vice president of marketing for Tinker Federal Credit Union. “WRG’s solution automated this program and brought it straight to our members, giving them control over skipping their payments by offering the option through our home banking application. Our response rates are up, and our hands-on processing has been drastically reduced.”
“Credit Unions like TFCU are continually looking to provide their members more service options such as Skip-A-Pay, which will help them with their retention efforts and increase quality member service,” said Kevin Sarber, president of WRG. “We are confident that Skip-A-Pay delivers a first-rate solution to Tinker and to the credit union industry at large.”
About Wescom Resources Group
Backed by Wescom Credit Union, one of the nation’s largest credit unions, with $3.8 billion in assets and serving more than 300,000 members, Wescom Resources Group (WRG) provides credit unions with reliable, competitive and timely software solutions and services. With nearly 100 credit union clients, WRG is a leader in innovative technologies for the financial industry. Services provided include Symitar (Episys) Hosted Service Bureau Processing, ATM Deposit Balancing, Item Processing and Disaster Recovery Services. Software Solutions include Home Banking & BillPay, Automated Lending Solution, eStatements, eAlerts, Online Membership Application and more. WRG provides credit unions with all the benefits of today’s technology, leaving financial institutions free to focus on their core financial offerings. For more information, visit www.wescomresources.com.