PHILADELPHIA and TALLAHASSEE, Fla. (8/30/12)--LEVERAGE, the service corporation for the League of Southeastern Credit Unions (LSCU), has enlisted VINtek to be its exclusive electronic lien and title (ELT) partner.
LSCU is the state trade association for Alabama and Florida credit unions.
In March, the Florida legislature passed legislation requiring automotive lenders in the state to use the Florida Department of Highway Safety and Motor Vehicles' (DHSMV) paperless ELT process by Jan. 1.
LEVERAGE chose to partner with VINtek based on the company's strong presence in the credit union market and partnerships with other leagues, the company said.
ELT is an environmentally friendly alternative to paper-based vehicle titles and enables credit unions to receive digital titles from state DHSMV offices. ELT increases efficiency by saving time and reducing risks of fraud and error, said VINtek.
DES MOINES, Iowa (8/30/12)--The Members Group (TMG) has lowered the monthly fee maximums of its ATIRAreload prepaid card program.
The newly launched "up to $2.95" monthly maintenance fee model reduces TMG's previous fee maximum by $2. The monthly maintenance fee is charged only if a cardholder fails to load at least $1,000 or spend down the balance of a card in a given month.
That $1,000 threshold is reasonable to achieve, particularly when issuers promote the payroll direct-deposit feature available to ATIRAreload cardholders, said Konrad Christensen, TMG's retail payments product manager. To encourage direct-deposit sign ups, Christensen advises client credit unions to waive the monthly maintenance fee for the first six months if the member sets up auto payroll on the card account.
Christensen pointed to the power of a fair fee schedule as the driving force behind a thriving prepaid card program. "TMG has always believed strongly in limited fees on prepaid--this is the reason we've never implemented a loading fee for our products," he said.
"Our new structure takes this philosophy one step further. With a reduced fee model, TMG hopes to encourage greater usage, resulting in the kind of transaction volume that ultimately makes prepaid cards a sustainable offering for community-based financial institutions," he said.