Press

Members 1st Federal Credit Union announced the credit union will use Mitek’s Mobile Photo Balance Transfer

(May 6, 2014) — Members 1st Federal Credit Union announced the credit union will use Mitek’s Mobile Photo Balance Transfer to acquire new credit card members and balances. Mitek’s Mobile Photo Balance Transfer solution is the mobile equivalent of traditional balance transfer marketing programs and appeals to the highly desirable “mobile only” and “mobile first” consumers. Members 1st Federal Credit Union is the first credit union in the Mid-Atlantic to offer this service to their members.

How it works

In a matter of minutes, Members 1st members will be able to accept a low interest balance transfer offer from their mobile banking app and then transfer balances from another credit issuer to a new Members 1st credit card account. This is accomplished by using a smartphone camera to snap a photo of their credit card bill coupon. The information captured will be used to transfer the remaining balance to their new Members 1st credit card account. This solution gives members a quick, simple way to lower their interest rates without cumbersome data entry on a mobile device.

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