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HOUSTON – (March 4, 2004) — Milwaukee Metropolitan Credit Union put Pinnacle Financial Strategies' promise of "exceptional customer care" to the test in recent implementation of Member PrivilegeSM, and Pinnacle passed with flying colors.
Milwaukee Metropolitan Credit Union, a $125 million institution, had its own version of overdraft privilege that allowed some members to overdraw their accounts by $100 before payday. When the credit union decided to formalize the service for all its members, it turned to Pinnacle
The credit union chose Pinnacle because its Member Privilege program complies with state and federal credit union regulations.
"We wanted a partner that would do more than sell us a program, install it and leave," said Rich Koenig, president of Milwaukee Metropolitan Credit Union. "Pinnacle has been here to make sure everything runs correctly."
Pinnacle reviewed the credit union's product mix, account history and policies, and recommended overdraft limits. It also guided the staff through the implementation process and trained them on Member Privilege's benefits.
"One concern Milwaukee Metropolitan had was making sure the overdraft program met its state credit union regulations," said Joe Gillen, CEO of Pinnacle Financial Strategies. "We were able to ensure them that we continuously monitor regulatory requirements and new rulings to make sure our program is in compliance."
One unexpected challenge came up – the implementation team had to modify the core processor to expedite the use of Pinnacle's Trakker software which tracks and manages Member Privilege. Pinnacle worked directly with the core processor vendor to ensure the functionality of the program.
"Pinnacle went above and beyond what we expected," said Koenig. "Its experts worked with the date processors to make the necessary adjustments and our staff didn't have to get involved."
While many credit unions currently handle overdraft privilege internally, Koenig said, "Why not let the experts do it? They can provide great training and regulatory advice."
Milwaukee Metropolitan Credit Union's members were able to enjoy the benefits of Member Privilege and Koenig began to see results almost immediately. A number of members called to share stories about how Member Privilege helped them in a crunch.
Member Privilege also increased the credit union's fee income. After the first month, fee income increased 110 percent and has remained steady.
However, Koenig advises financial institutions to look beyond fee income. "We see overdraft as a service we provide to our members, and they really appreciate it," said Koenig.
About Milwaukee Metropolitan Credit Union
Milwaukee Metropolitan Credit Union is an 82-year-old, $125 million non-profit financial services cooperative owned and operated by and for its members. It is Wisconsin's first chartered credit union and has about 29,000 members. For more information visit www.mmcu.org.
About Pinnacle Financial Strategies
Pinnacle Financial Strategies, headquartered in Houston, Texas, gives financial institutions the power to profit through exceptional customer care. With unequalled expertise and depth of customer service and support, Pinnacle helps banks and credit unions maximize income and increase customer loyalty. Pinnacle solutions include overdraft privilege, sales and service performance shopping, targeted marketing intelligence, automated risk management and automated construction loan management. For more information, call 713.868.3333 or e-mail info@pinnstrat.com.
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