Based in Bath, Maine, Five County CU (www.fivecounty.com) is now working with CO-OP (www.co-opfs.org) to enhance the member experience and create back-office efficiencies by using CO-OP’s debit and credit transaction processing services combined with loyalty and rewards program solutions; offering the CardNav by CO-OP card controls and alerts mobile application; and participating in the CO-OP ATM network.
“We are moving our debit and credit card processing to CO-OP to remove friction points for our members and staff,” said Julie Marquis, President and CEO of Five County CU. “The efficiencies created by having all card programs under one umbrella is the ultimate goal – only one set of fraud rules, one set of parameters and only one mobile application for members and staff, along with rewards provided for debit and credit transactions. Combining this with CO-OP Shared Branch and CO-OP ATM networks will mean additional ease for members who will be traveling and decreases in false-positive declined transactions.
“CO-OP offered the entire suite of card products and features that we want to provide our members,” Marquis continued. “Other options that we looked at made it necessary to contract with additional providers, creating a less appealing finished product.”
Five County CU has more than 28,000 members and $261 million in assets. The credit union has 15 of its own branches participating in the 5,700-branch strong, nationwide CO-OP Shared Branch network, enabling members of participating credit unions to enter any of these branches and conduct their business as if they were in their home location. The credit union will also contribute its 24 ATMs to the CO-OP ATM network of nearly 30,000 ATMs nationwide, enabling members of participating credit unions to access their accounts surcharge-free.
CardNav is CO-OP’s first-to-market mobile card controls and alerts mobile application, which are becoming increasingly important to consumers for a variety of purposes, including the ability to set controls on where and when cards are used for travel, and better equipping cardholders in the fight against fraud.
“Our goal for the credit union-member relationship is two-fold: protect and multiply through a comprehensive and fully integrated financial services ecosystem,“ said Matt Kardell, Chief Revenue Officer, for CO-OP. “We are very proud to be playing a greater role in helping Five County CU function more efficiently so they can devote more time to serving their members better, and enabling them to offer an even better member experience through greater integration of services and self-service options.”
For more information on the CO-OP ecosystem for credit unions and their members, visit www.co-opfs.org/Solutions.