Recent & Upcoming News
Our Cooperative Structure
As a credit union, we are structured as a “not for profit financial cooperative.” As a cooperative, all the members are responsible for making sure that the resources of the cooperative are dispersed in such a way as to bring the maximum amount of products and services to the most members. Keeping this in mind I would like to share the following with you:
Through September of 2015 our call center staff of 15 answered 231,000 phone calls. Of those calls 80% or 185,600 were for 3 specific reasons; “what is the balance in my account,” “transfer of funds between share accounts” and “the last check to clear my checking account was.” We have over 67,000 members as part of our Credit Union. These phone calls were from 21,000 members of which 50% used one of our automated services during the same month. Remembering my earlier comment that we need to provide resources to the largest group of members? We are not accomplishing this goal and therefore need your help.
This is a big request, but during 2016 we encourage you to avoid calling the call center for routine transactions and start using the automated services available to all members such as telephone teller, online banking and mobile banking. In the spirit of cooperation we can reduce the per transaction costs in the call center from $4.57 for these transactions to $0.12 for mobile banking, $0.01 for telephone teller and $0.01 for online banking transactions. If we cooperate and use the automated services, and bring the costs down, then we can deploy our resources to bring additional services to the entire membership.
Our call center staff is trained and ready to help members transition to our automated services. If you need our assistance to get started we are ready to assist. Thank you in advance for your help.
Coming soon a free service will be introduced to our members that can only be accessed through online banking. When you log onto online banking you will see a tab on the top left hand side labeled FICO® Score. The FICO® (Fair Isaac Corporation) Score is only for the primary member not the joint members on the account. Going forward by the 15th of each month your credit score will be updated and available to you and accessible in online banking.
In addition, we encourage all members to get their free annual credit report from the government endorsed web site, www.annualcreditreport.com. This will help you verify that the credit that is being reported under your name is in fact your credit and it is being reported correctly. Just another service provided to all our members which is in the cooperative spirit of your Credit Union.
Stop the Merchant Data Breaches
It seems as if almost daily there are new merchants coming forward with confirmed data breaches. In early September, a major retailer was hacked by a new form of malware that infected the company's payment card systems and another encountered a breach that ran from August to October involving the theft of customer data at various store locations. These locations were infected with Backoff malware that has targeted other retailers across the country.
Merchant data breaches continue to be a chronic issue that cost Credit Unions millions of dollars each year yet merchants are not currently held accountable for these breaches. You can help by sending a simple and clear message to Pennsylvania's Congressional delegation: "Stop the Merchant Data Breaches." Contact your Member of Congress by visiting Stop the Data Breaches and click on the "Take Action" link.
Stay abreast of new developments by checking the latest news at Stop the Data Breaches.
Information Regarding Pop-ups and Malware
Freedom Credit Union takes every measure to ensure the security of our Member's data. We do not subscribe to external solicitations including pop up advertisements, contests, or other third party requests for your personal information. If you receive "pop-ups" while on our website or home banking, please do not click on the links as they may be malware. More information regarding malware and how to remove pop-ups can be found at http://malwaretips.com/blogs/remove-customer-poll-com-virus/