WASHINGTON — Serving Pentagon and military personnel, Pentagon Federal Credit Union has a highly mobile field of membership and noticed it had been losing members as they went onto other assignments or just out of the Washington, D.C.-area.
The credit union learned about the electronic deposit program at Pennsylvania State Employees Credit Union, Pentagon FCU Executive Vice President of Operations James R. Schenck explained, and has never looked back.
"We saw a reduction in folks leaving us…Our benefit so far has been on retention," he said. However, there are also cost savings to be had, both by the credit union–just one person runs the program used by approximately 10,000 members–and by the member.
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"They don't have to worry about when the branch is open," Schenck explained. "They are at their home or office 24 hours a day." With the rising cost of fuel prices, members save a trip to the branch as well.
The Pentagon FCU executive also emphasized that the credit union has not experienced any fraud though some accounts have had to be turned off when the member repeatedly did not get their deposit mailed in with in the 8 business day allotment. The credit union has looked at scanning technology for getting the check to the institution faster but he is hoping to leap frog that for mobile technology.
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