Press Release
Baxter Credit Union Increases Online Bill Payment Use
Baxter Credit Union Increases Online Bill Payment Use
For immediate release:
August 12, 2004
Contact: Astrid Perez
(847) 522-8723
astrid.perez@bcu.org
Vernon Hills, IL – August 12, 2004 – Baxter Credit Union (BCU) has increased the number of online Bill Payment subscribers by 33 percent over the last three months. This increase resulted from offering the service free to credit union members. The online Bill Payment product, offered by PSCU Financial Services, has been a strong relationship builder between BCU and its members.
As of March 2004, the growth of BCU’s online Bill Payment subscription had been stagnant. On April 1st, 2004 BCU began to offer free Bill Pay to all members for a three-month period. This special offer was strategically created to improve membership loyalty. At the end of the free Bill Pay promotion, all qualified members, “Rewards” members who have either direct deposit of at least $500 per month, $25,000 on deposit in any account, hold $20,000 in a single Skyline Money Market account, or members with Advantage Plus checking accounts, continued to receive the service at no charge. Additionally, members who make three payments in one month receive the service free regardless of Rewards status. Non-rewards members, who choose to continue using Bill Pay, pay a nominal monthly fee.
Not only did the number of Bill Pay subscriptions grow as a result of the promotion, the free Bill Pay service has acted as a “sticky” product for BCU, increasing the number of services each individual member uses. In general, members who subscribe to Bill Pay hold higher balances, make larger deposits, and take advantage of more loan products. Indubitably, the one-third increase in Bill Pay subscriptions over the past three months will be positively reflected in the number of services BCU’s members utilize.
BCU conducted an ambitious campaign to promote online bill payment that included employee incentives, promotional articles in newsletters, the web site and through messages on electronic statements. Next, BCU plans on conducting free seminars at select locations in the United States and Puerto Rico, to talk about the benefits and demonstrate online bill payment in action. Through iTeller, BCU’s online banking system, members can request electronic statements, view checks online, make payments as well as view BCU shares and loans.
Jesse Bruns, eServices Manager for BCU says, “The proof is in the pudding, research shows that bill pay is a product that can strengthen ties with members. Once the trust relationship has been forged, members are more open to expanding their product and service holdings with the credit union.” Overall, employing the free online Bill Pay promotion has resulted in a productive, strategic effort for BCU.
About BCU
With over $950 million in Assets, BCU currently serves more than 110,000 members throughout the United States and Puerto Rico. Formed in 1981, BCU is a not-for-profit, member-owned credit union offering a full range of financial products and services, in English and Spanish. Known for competitive rates, low fees, and state-of-the-art services, BCU is headquartered in Vernon Hills, Illinois. Membership is open to anyone who lives or works in Lake, McHenry, DuPage, and Kane Counties in Illinois, as well as Kenosha County in Wisconsin. BCU also serves over 70 Select Employee Groups nationwide. Call 1-800-388-7000 or visit www.BCU.org for more information.
