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Products and Services briefs (09/01/2008)
* MONETT, Mo. (9/2/08)--Jack Henry and Associates’ Symitar division added 30 new credit unions to its client list during fiscal year 2008, which ended June 30. Twenty-seven credit unions deployed Symitar’s Episys system. About 25 chose Episys as an in-house solution, and two chose to outsource their information and transaction processing to Symitar. Three credit unions also deployed Cruise, a server solution for smaller credit unions. Two chose Cruise as an in-house solution, and one outsourced its data processing to Symitar. LA Financial CU, Pasadena, Calif., and Western FCU, Manhattan Beach, Calif., are among the credit unions that converted to Episys ... * CHICAGO (9/2/08)--Credit unions gained a national footprint while borrowers gained access to hundreds of stable lending institutions through a partnership between PBG Financial Services and Central State Mortgage, the companies said in a release last week. Central States has a network of more than 400 credit unions. The companies also announced the re-launch of Home123 Mortgage. PBG purchased the rights to Home123 and related branches from Home123’s former parent company, New Century Financial Corp. Central States Mortgage will provide all financial services, including fixed and adjustable-rate mortgages, refinancing, Federal Housing Administration loans, Veterans Association loans, interest-only loans and reverse mortgages ... * ST. PETERSBURG, Fla. (9/2/08)--PSCU Financial Services, a cooperative with 500 credit unions nationwide, launched to help parents educate their children about budgeting, credit and debit cards. The site provides tools and tips, such as how to differentiate wants from needs and save money for the future. The site offers a spending and savings worksheet, interactive calculators, loan schedules and the long-term cost of a credit card purchase with interest. Advice is grouped by age. “Research into the financial habits and preferences of Generation Y reveals that these 79 million young adults spend at a rate of $172 billion per year and save at a rate of $39 billion per year,” said Antonio Hill, PSCU Financial Services marketing services director ... * DALLAS (9/2/08)--TNB Card Services’ Life of Balance (LOB) promotion broke previous balance transfer records and boosted card portfolios at credit unions, TNB said last week. The promotion had a response rate of 3.8%. Credit unions offering the LOB rate had an average transfer of $3,590, compared with a $2,695 average transfer for credit unions that opted for a limited time promotional rate. Shell FCU, Deer Park, Texas, averaged $3,383 per transfer check and a 4% response rate--a 58% increase in responses over its previous LOB rate in 2007. “This is the second time we’ve offered a LOB rate for a balance transfer promotion. Together the two LOB rate transfer offers increased our balances to $8.8 million,” said Sharon Hicks, Shell credit card services manager. TexasOne Community CU of Houston achieved a 5.97% response rate, and an average transfer of $3,694, and more than $380,000 in new card balances, the credit union reported ...


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