Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Postal service cuts will affect CUs
FARMERS BRANCH, Texas (12/7/11)--Credit unions looking for ways to migrate members to e-statements and online banking may have received some help Monday from the U.S. Postal Service.

With the Postal Service's announcement that it wants to move quickly to close 252 of its nearly 500 mail processing centers and slow first-class delivery next Spring, "snail" mail will likely become less timely.

The estimated $3 billion in reductions are part efforts by the Postal Service to quickly cuts costs (Huffington Post Dec. 6).

The Postal Service has already announced a one-cent increase in first-class mail to 45 cents beginning Jan. 22.

"People just need to be aware of the changes because the reality is, mail is not going to be delivered in same way we've been accustomed to," said Willie Skeins, the Texas Credit Union League's business center manager (Lone Star Leaguer Dec. 6).

For example, in the past, an item sent priority mail would arrive at its destination within two to three business days, Skeins said.  Now it could take up to five days.

"If you are mailing time-sensitive materials, you just need to go ahead and pay extra for express mail because it is the only way you can guarantee next-day delivery," Skeins said.

About 42% of first-class mail is now delivered the following day, according to Huffington Post. About 27% arrives in two days, about 31% in three days and less than 1 % in four days to five days. Following the changes next Spring, about 51% of all first-class mail is expected to arrive in two days, with most of the remainder delivered in three days.

Some credit unions may no longer be able to expect one-day delivery of statements, newsletters and marketing materials to local communities.

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version:
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now:
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study
1 Day ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids
1 Day ago