CANTON, Ohio — The $87 million Canton School Employees Federal Credit Union has posted results from its card program that shows even smaller credit unions can both grow their card balances and increase their net income from cards.
The credit union reported that it has been revamping its card program with the assistance of CU card consultant Ondine Irving and wound up doing everything from looking closely at the programs processing nuts and bolts to retiring its previous classic and gold Visa program in favor of a platinum program.
CSE saw its card accounts increase by 30%, its active billed accounts increase by 47%, its average credit line by 14% and card interchange by 30%.
"Three years ago we were on the verge of putting our card portfolio up for sale," explained Stan Barnes, credit union CEO. "But Ondine looked at me in the eye and told me that if I did that, I would be making a mistake."
In addition to changing how it administered the program, Barnes said CSE had also revamped how it marketed the product, putting it firmly in the context of an overall reform of its lending practices and procedures.
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