Even in the best circumstances, it can take more than 10 days for a member to receive and use a debit or credit card issued by traditional mail. Some cards get lost in the mail, creating further delays, potential security problems and dissatisfied members.
Whether issuing new cards or replacements for lost or stolen cards, many credit unions have switched to instant issue cards to eliminate postage, cut other costs, improve efficiency and enhance security.
Credit unions with instant issue have 15% higher debit card activation on new accounts, 20% higher swipes per new account and 20% higher debit card spend per new account, according to recent research on ways to increase noninterest income by Haberfeld Associates, a financial consulting firm based in Lincoln, Neb.
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