DALLAS — Southwest Corporate experienced significantly higher volumes of checks and debit card transactions recently because of tax-free weekends in Texas and New Mexico.
Debit card volume at Southwest increased by 24 percent compared to the same period last year. "This is a substantial increase," says Eileen Purdy, project manager for Southwest Corporate Federal Credit Union, "but not the least bit surprising considering the recent decline in average share draft processing volume."
Share draft processing volumes at Southwest Corporate are declining by 5% per month and have done so since a Spring, 2006 peak of 2.2 million share drafts processed per day. However, share draft volumes did experience a 14% increase compared to the same period last year following the tax-free holiday weekend.
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"Credit unions will need to prepare for more and innovative electronic payments such as contactless cards and mobile phone initiated payments," said Purdy.
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