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Texas Trust first in state to launch SwitchAgent

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MANSFIELD, Texas (2/28/12)--Texas Trust CU, with $680 million in assets in Mansfield, Texas, is the first credit union in Texas to offer Deluxe Corp.'s SwitchAgent,  an automated service that makes it easier for consumers to switch their accounts from another financial institution.

SwitchAgent helps consumers transfer pre-authorized payments and deposits, such as gym memberships, car loans, mortgages, utility bills, and Social Security and payroll deposits, from their old bank account to their new Texas Trust account.

The SwitchAgent concierge service will be available for free to all new Texas Trust account holders. Members will receive a customized schedule and billing notification for each automated payment and deposit, simplifying the transition process and the transfer of pre-authorized transactions.

According to J. D. Power & Associates, 66% of account holders would consider switching financial institutions, but don't because of the laborious transition process related to pre-authorized transactions. With SwitchAgent, Texas Trust will automate the process for new members, requiring only 30 minutes of their time, compared with 10 to 20 hours without SwitchAgent.

By leveraging Deluxe Corp's proprietary database of payers and creditors, Texas Trust can anchor members to their accounts more quickly, reducing the likelihood that a new account will go inactive.

"The average consumer has 1.3 automated deposits and nearly four automated payments associated with their accounts," said Jim Minge, Texas Trust CU president. "It can take several months to move these transactions. That prevents many consumers from switching financial institutions even if they are unhappy."

CU Companies unveils iPhone app elects board

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NEW BRIGHTON, Minn. (2/28/12)--CU Companies, a Minnesota-based credit union service organization, has unveiled an iPhone app that allows consumers to view mortgage rates, find nearby ATMs and receive news alerts and videos.

CU Companies said its original intent was to provide a tool that would allow consumers to quickly view--and that would push--mortgage rates. The ATM location finder was added to give the app longevity, and the news alerts and videos were added to provide financial education.

The company also announced the election of its new board officers:

  • Steve Ahlness, chair, Greater Minnesota CU, Mora, Minn.;
  • Tom Smith, vice chair, TopLine FCU, Maple Grove, Minn.; and
  • Phillip Kopischke, secretary, SharePoint FCU, Hopkins, Minn.
Additional board members include:

  • Paul Dammann, Soo Line CU, Minneapolis;
  • Mark Everson, Wings FCU, Apple Valley, Minn.;
  • Kathleen Harrington, Heartland CU, Inver Grove Heights, Minn.; and
  • Patrick Pierce, City & County CU, Saint Paul, Minn.