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As the new year approaches, many credit unions are looking for new ways to increase profits and become more effective.

“At Red Canoe Credit Union, we know our database has a fair number of single-service households,” said Amy Davis, vice president of marketing. “Over time, accounts with loans get paid off, and the member keeps a low balance saving a placeholder for possible future lending needs. On one hand, we should feel honored that our membership is worth holding onto. However, a member’s good intention does cost the credit union money in the form of inactive, unprofitable accounts.”

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