The ICUL Service Corporation (LSC) has introduced “member alerts” as a free and significant enhancement for 830 credit unions across the country that are offering two of its prepaid debit products to their members.
Available on LSC’s Everyday Spend and TravelMoney products, member alerts provide cardholders the opportunity to receive texts and/or emails to receive notifications of balance information, transaction recaps, or even notices of suspicious activity. Members may select their customized preferences via the program Web site. Members have the ability to set their own low balance alert thresholds and choose the frequency of regular balance notifications.
The Everyday Spend and TravelMoney programs also have added the COOP ATM network for surcharge free access to your members at over 28,000 surcharge free ATMs nationwide.
Another significant change made in 2010, LSC reduced the monthly cost of the Everyday Spend card to the member from $2.00 per month to $1.75 per month (a portion of which is reimbursed to the credit union). This compares favorably with credit union competitors such as Walmart, who charge $3.00 or more per month. The monthly fee to the credit union was also removed when using the cuMoney branded card design. In addition, the number of times in which a member can reload (i.e., fund) the TravelMoney card is now unlimited.
The final enhancement the ICUL-SC has made to these programs is added web banner ads that credit unions can download to their website to help promote these programs. You can go to www.iculsc.com/refmat/prepaid_bannerads/ to download these free web banner ads.
“These products just became more attractive to all members, but especially younger members who have grown up with texting and email. As an industry we need to offer products that will appeal to them,” said George Fiegle, LSC EVP/COO.
The Everyday Spend and TravelMoney prepaid products appeal to a broad base of members, especially those who are budget focused.
LSC has seen significant growth in these products by credit unions nationwide. Everyday Spend card usage has increased 149 percent over 2009. Similarly, usage of TravelMoney has experienced 125 percent growth.
“The race for members prepaid business is on, and we want to help credit unions be in the race and win that race”, added Fiegle.