Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Small CU crushes BofA at breach notification, says reporter
NEW YORK (2/19/14)--Credit unions' commitment to member service was driven home by a phone call from a CEO to a member after the discovery of the Target data security breach.
 
The member happened to be a reporter for a financial trade publication and a customer of Bank of America. What he encountered was a personal and "ultimately more comforting" message than what he received from the bank.
 
In a first-person account Tuesday, American Banker reporter Andy Peters detailed what made the interaction with Atlanta-based BOND Community FCU so special. Ruth Artis, CEO of the $40 million-asset credit union, called him directly. She informed him that his debit card had been compromised in the Target data breach, and a replacement card would arrive in a couple of weeks.
 
Compare that to the automated voice mail left behind by Bank of America's card services subsidiary, after which Peters tried to follow up with the customer service line. The agent would only share that the card had been affected by fraud at an "undisclosed retailer" and did not give a time frame of when the fraud occurred.
 
The large bank lost an opportunity to gain a consumer's confidence, according to Shirley Inscoe, a senior analyst at Aite Group.
 
Poor communication about fraud hurts a financial institution's business, she said, adding that consumers will put replacement cards in the back of their wallets or even stop using them completely.
 
And Artis' personal phone calls to the credit union's members?
 
"I can't imagine that anything else would rank above that," Inscoe told Peters. "That has to be the ultimate in customer service."
RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
13 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
14 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
15 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
16 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
16 hours ago