MUSKEGO, Wis.––Following a year-long streamlining effort, Corporate Central Credit Union is reporting that its “Team Fee-novate” has successfully eliminated over 100 member service charges, “giving member credit unions fee relief as they continue to operate in a low-interest, thin-margin market.”
“Our entire staff worked hard to reduce paper forms and manual processes, eliminate or lower expenses, optimize revenue channels, and align more effective partnerships,” said Chris Felton, president/CEO. “These enhancements exemplify our commitment to our mission: Helping Members to be Wildly Successful.”
According to Corporate Central, Team Fee-novate’s task was to explore opportunities to either lower or eliminate member service charges. Their efforts aimed to ease credit unions’ transitions to much-needed products and services, while providing better user experiences, the corporate said.
“By lowering monthly fees and eliminating nearly every setup and implementation charge,” said Jesse Kohl, vice president corporate development, “we’re making it as convenient and cost-effective as possible for new credit unions to join, and for existing members to access the products and services they need to compete.”
As CUToday.info reported earlier, just prior to the new fee structure, Corporate Central paid members a 5.55% dividend on all perpetual contributed capital accounts for the month of December, representing the highest in Corporate Central’s history.
“Earnings are strong, growth is consistent across the board, and we continue to maintain the highest capital ratios,” said Nick Fanning, SVP/CFO. “Offering our members preferred capital rates and reduced service fees was a no-brainer.”
Corporate Central members can expect more innovative changes, according to Felton. Changing the fee structure was the first phase of the organization’s efficiency drive and fee-elimination efforts, Corporate Central said, adding it will continue to leverage technology, work to increase service transaction volumes, and launch new innovative products.
In 2016, Corporate Central said it welcomed 32 new members, added 75 new-product sales, and closed the year with nearly 9.5% in Tier 1 capital and over 15% in total capital. In addition, Corporate Central launched CU●Save, a revenue optimization and expense reduction service, as well as I-Care, a collaborative healthcare program for credit union employees serviced by Corporate Central’s CUSO, InterLutions.
Corporate Central said its members can find the new fee schedule on the Corporate’s online account management system, Corporate CAFÉ.