MANSFIELD, Texas (2/28/12)--Texas Trust CU, with $680 million in assets in Mansfield, Texas, is the first credit union in Texas to offer Deluxe Corp.'s SwitchAgent, an automated service that makes it easier for consumers to switch their accounts from another financial institution.
SwitchAgent helps consumers transfer pre-authorized payments and deposits, such as gym memberships, car loans, mortgages, utility bills, and Social Security and payroll deposits, from their old bank account to their new Texas Trust account.
The SwitchAgent concierge service will be available for free to all new Texas Trust account holders. Members will receive a customized schedule and billing notification for each automated payment and deposit, simplifying the transition process and the transfer of pre-authorized transactions.
According to J. D. Power & Associates, 66% of account holders would consider switching financial institutions, but don't because of the laborious transition process related to pre-authorized transactions. With SwitchAgent, Texas Trust will automate the process for new members, requiring only 30 minutes of their time, compared with 10 to 20 hours without SwitchAgent.
By leveraging Deluxe Corp's proprietary database of payers and creditors, Texas Trust can anchor members to their accounts more quickly, reducing the likelihood that a new account will go inactive.
"The average consumer has 1.3 automated deposits and nearly four automated payments associated with their accounts," said Jim Minge, Texas Trust CU president. "It can take several months to move these transactions. That prevents many consumers from switching financial institutions even if they are unhappy."