DALLAS — A full 72% of TNB client credit unions reported that they have been happy with the decision to sell their portfolios to the CUSO.
TNB Card Services is the card portfolio purchasing and management arm of credit union-owned Town North Bank.
TNB said it has long been interested in feedback from its client credit unions but decided to make the survey results public after card consultant and broker Asset Exchange began to survey CUs that sold their portfolios. Asset Exchange collected and released data on purchases in aggregate but did not release individual purchaser information.
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Credit Union Resources Inc., which is owed by the Texas Credit Union League, conducted the survey. TNB has been buying portfolios since 2003 and has purchased more than 160. All of the agent-issuing clients were included, and 25% of the CUs surveyed responded.
Of those surveyed, 72% reported the change in ownership of their card portfolio had met their expectations. The number jumped to 90% among CUs that have been TNB clients for more than a year.
"From our experience there is always some uneasiness within the credit union during the first year of the new program," explained Scott Wagner, executive vice president of TNB Card Services. "The process of changing ownership can be stressful, and it often takes a few months for the credit union and the staff to become comfortable with the new partnership."
For instance, among those credit unions that had sold their portfolios to TNB more than a year earlier and would sell them again if they had it to do over, 86% said they would definitely sell to TNB. Also among those on the program for more than a year, 72% indicated they would recommend TNB to their credit union peers. This is in sharp contrast to the Asset Exchange survey, which found that only 42%of credit unions that have sold their portfolios would recommend to their peers the companies that bought those portfolios.
"We feel our stronger results are due to our credit union ownership and deep understanding of how to service members," said Wagner. "We are committed to continuous improvement in client satisfaction, but generally, we think this survey shows we're doing a very good job meeting our clients' needs."
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