Case study: Re-evaluated service contracts ensure most up-to-date and secure services

Review of card brand vendor contracts helps to pay for upgrades

As credit unions and banks continue to upgrade their systems to protect themselves and their account holders from potential fraudulent card activity at the ATM, the expensive task of reissuing credit and debit cards – and upgrading hardware – can be challenging for just about any financial institution.

This was the situation for Cross Valley Federal Credit Union of Wilkes Barre, Pennsylvania. With 23,000 members and 14 ATMs located across three counties, the expense of an overall upgrade to avoid potential card fraud liability was problematic. But Cross Valley CEO Traci Donahue and her team were committed to providing members with the most up-to-date, secure services and financial products possible.

Timely phone call brings a solution
Soon after joining Cross Valley’s leadership team, Donahue received a call from Jim Griffis, regional director. During that call, she and Griffis discussed the benefits of conducting a review of the credit union’s vendor contracts. In a follow-up conversation, Kelly Flynn, national sales director for JMFA Contract Optimizer, specifically mentioned the potential savings and service improvements that could result from a review and renegotiation of the institution’s current credit and debit card brand contract.

This information was timely given that the credit union had not yet updated its ATMs to interface with EMV technology or reissued EMV-compliant member cards. Plus, the idea piqued Donahue’s interest because she wasn’t aware that it was possible to negotiate better terms on existing card brand agreements. “When Kelly said there were some really great incentives available at the time, I knew right away this was something we should explore,” Donahue explained.

 

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