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Four Letters. Infinite Potential.

ALL-AROUND CONSISTENCY CONTINUES TO IMPRESS

Eagle One Federal Credit Union

Established in 1935, Eagle One Federal Credit Union operates six branches in Pennsylvania and Delaware that serve more than 11,200 members.

When it first began offering its members JMFA’s overdraft program, the credit union praised the program for its 100% compliance guarantee, member satisfaction and ease of implementation. Over time, the consistency JMFA delivers across the board has continued to make it an outstanding choice for the credit union and its members.


CONSISTENCY WITH REVENUE

When JMFA first provided Eagle One with a free analysis to show how much revenue the credit union could be generating with its overdraft program and consulting, the credit union's leadership team had some doubts.

While the initial estimate of income potential was $180,000 in additional revenue per year, the credit union decided to be conservative and only budget for $90,000 for the income growth.

Many banks and credit unions feel shock and disbelief when they see JMFA’s initial projections, but in most cases, JMFA delivers or, to the delight of clients, exceeds those results.

This was exactly the case with Eagle One. After the first year they ended up with over $200,000 of additional income.

In fact, after years on the program combined with not having a formal overdraft program in place prior, the credit union has seen an impressive improvement of 500% over base, with income trending at $500,000 annually.


What’s a credit union to do with half a million dollars a year in additional revenue? It’s a good problem to have. Eagle One has used that consistent income to improve the services they offer to members, including the following:

•  Completing a core conversion

•  Improving its debit card program to include debit rewards

•  Offering a mobile application

While the credit union is charging members fees for this [overdraft] service, they continue to put the money to good use by investing it back in the members. According to the leadership team, there are a number of things the credit union is offering that they wouldn’t have been able to offer if they were struggling with income.

CONSISTENCY THROUGH ONGOING MONITORING AND MAINTENANCE

A key component of sustaining long-term success is continuous monitoring and maintenance. JMFA provides several layers of this for its overdraft consulting service. With measurable data readily available and expert support to stay on top of industry trends and best practices, clients like Eagle One have a transparent, thorough, and dependable way to evaluate the program and continue driving results forward.


Access to in-depth reporting shows invaluable performance data and metrics. Direct feedback from the leadership team is that they can see where they are going because of the consistency in the program. They use the various reporting features to effortlessly keep their Board of Directors updated.


JMFA regularly offers comprehensive reviews of the overdraft program, discussing goals and recommendations which provides strong the credit union strong reassurance. Often reviews cover the credit union's performance as well as what other credit unions are doing which provides a great peer comparison. The continued follow-up from JMFA, whether it’s about the details of the communication plan, going through key performance indicators or any new recommendations, the guidance adds tremendous value.


CONSISTENCY WITH STAFF

Prior to partnering with JMFA, Eagle One had a time-consuming method of manually reviewing each account overdraft and deciding which exceptions would be paid based on its own criteria. This opened the door to doubt and frustration from staff—they knew they had to find a better solution.

Unlike some algorithm-based overdraft programs with inconsistent fees and limits that make it difficult for staff to explain and difficult for members to understand, JMFA offers a fully transparent program that is steady and predictable for all. Standardized procedures and a consistent training program give staff the confidence to communicate with members about the overdraft service.

Unlike some algorithm-based overdraft programs with inconsistent fees and limits that make it difficult for staff to explain and difficult for members to understand, JMFA offers a fully transparent program that is steady and predictable for all. Standardized procedures and a consistent training program give staff the confidence to communicate with members about the overdraft service.


The consistency of the program has helped Eagle One be consistent with how they offer the service to their members. Their staff became very comfortable with the service right from the beginning. They can easily explain it to and sign up members, which in turn results in program usage, member loyalty and satisfaction.

CONSISTENCY WITH MEMBERS

Speaking of members, the simple fact that Eagle One has a fully transparent overdraft program in place has also been a draw for members. The leadership team has shared that the service has played a role in contributing to overall membership growth. Today, about 60% of Eagle One members with checking accounts use the overdraft program regularly.


Members continue to respond positively to the fair, consistent and dependable program, which serves a need in the community. Eagle One members know the service is available, which helps them should they need it.

CONSISTENCY WITH COMPLIANCE

Thanks to JMFA’s 100% compliance guarantee, Eagle One no longer has to worry—it’s easy to remain compliant.

Over the years they haven’t had an issue with regulators about their program and how they are running it. Examiners are able to clearly see consistency in the program based on JMFA’s guidance. In addition to the initial training, several staff members have completed some of the online webinars offered by JMFA, and there are plans to attend a JMFA Academy session in the future. Through these continuing education courses, the credit union can keep informed of compliance developments and remain consistent in how their staff communicates the program to members.


CONSISTENCY FOR GROWTH

The JMFA overdraft program has even become an asset when merging or acquiring other financial institutions has come up.

It has created a positive impact when meeting with other credit unions looking to merge. The consistent success of the program, as well as the way it meets the needs of its members, is a strong selling point for the credit union in these situations.

After more than half a decade, Eagle One still holds JMFA and its overdraft program in high regard, having exceeded expectations and offering consistency that both the credit union and its members can rely on, day in and day out.


About JMFA

JMFA is one of the most trusted names in the industry. Whether it’s recovering lost revenue, uncovering new savings with vendor contract negotiations, creating more value, serving members better or delivering a 100% compliant overdraft service—JMFA can help you deliver measurable results with proven solutions. To learn more, please contact your local representative or call us at (800) 809-2307.

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