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Supporting your members throughout COVID-19: A guide for credit unions
As COVID-19 continues to impact our daily lives and the lives of our members, Co-op is working hard to making sure you have what you need to serve your members and keep your credit union strong. While the scope and long-term impact of this crisis remains to be seen, there are several options for your credit union to help maintain business continuity and continue serving the needs of your members. This guide is designed to give you some quick best practices and tips in the key areas of: ATM/Branch Access, Fraud Prevention, Card Program Strategies, Digital Engagement, and Member Support. Be sure to check back as we update this guide regularly. In the meantime, please do not hesitate to reach out to your Co-op representative or visit our COVID-19 Resources page for more information on what Co-op is doing to support your credit union.
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Branch/ATM Access
In-Branch Services
Cash Level Monitoring
While we have not seen overwhelming spikes in ATM usage, it is important to monitor your ATMs to ensure they can handle increased transaction volume. All CO-OP ATM Clients have access to “Device Inquiry” which provides immediate access to determine current cash totals position at each ATM with detailed information about the net amount of cash for each currency type in the device, the total amount of cash contained in each active canister, the currency code, type of bill, and number of bills, for each selected device. Totals provided are real-time and calculated from last cash reset accounting for current activity. If you are not sure how to access this tool or your user ID has expired please contact Client Care at 800.782.9042, option 2, or clientcare@coop.org
Changing Denomination Amount
Add or change denomination amounts dispensed at the ATM to allow higher dollar cash withdrawal amounts. This will require coordination with Co-op and ATM vendors to ensure balancing and reconciliation is accurate.
Increasing daily maximum cash withdrawal amounts
With many members unable to withdraw cash for several weeks, they may be anxious to withdraw larger amounts. Consider increasing the maximum cash withdrawal amount per transaction at your ATMs. This typically requires a several week lead time with your core processor. (Note: Changes in daily cash withdrawal limits do not need to be reported to Co-op.)
To support increased traffic at your ATMs, consider adding additional canisters. In addition to securing additional canisters and ensuring your ATM hardware can support them, you would need to coordinate database change and load to ensure balancing.
Co-op is here to support you.
We will keep you updated on strategies to manage COVID-19/coronavirus while also regularly informing you about our business continuity efforts. To that end, we have made available a microsite with all COVID-19 information, including client communications, our business continuity plan, resources and FAQs. Visit http://www.co-opfs.org/COVID19 at any time for the latest updates. Thank you for being a valued client. As your partner, we want to lift the cooperative spirit of credit unions to support you and your members. We are here for you!
ATM Availability Monitoring
Leverage Co-op ATM’s monitoring tools to access information the status of a single ATM or entire ATM network. In addition to Co-op’s ATM monitoring system, where we monitor ATM performance 24/7, all Co-op ATM clients have access to tools that help them monitor every ATM within their network. Device Inquiry and STAR STATION Tracker online also provides online real-time access to ATM status messages. If you are not sure how to access these tools, please contact Client Care at 800.782.9042, option 2, or clientcare@coop.org
ATM Emergency Cash Services
Activate an emergency cash order agreement with ATM cash provider. Co-op has no agreements in place with courier services that could be leverage to support this need.
ATM Surcharge Fees
ATM surcharge fees are controlled at the switch processor level and can be set by ATM location. Depending on the state guidance to credit unions, this can be temporarily removed. As a reminder, any ATMs that are within the Co-op ATM Network must remain surcharge-free for all members within the network. Requires coordination with Co-op.
Other fees imposed on members using a non-home credit union or non-Co-op ATM are controlled at the credit union host processor level. Requires changes with credit union host processor.
Throughout COVID-19, many credit union branches and ATMs were forced to close or significantly reduce hours of operation. However, thanks to the power of the Co-op Shared Branch Network and ATM Network, members across the country were able to continue accessing the money and banking services they needed. (Read: two examples of Shared Branching credit unions supporting members during COVID-19) With lockdown orders lifted across the country, you may be questioning when to reopen your branches and how to do that safely. After all, while self-service and digital banking channel usage has increased significantly, branches and ATMs remain a vital part of the member experience. In a poll conducted by Boston Consulting Group, just 3% of Americans said they would stop using branches altogether post-pandemic. Leverage the Co-op ATM/Shared Branch Network: Should you need them, please remind your members they have the power of Co-op’s nearly 30,000 ATMs (including 8,000+ deposit-taking ATMs) from coast to coast and, for Co-op Shared Branch participants, a network of 5,700+ shared branch locations to meet their banking needs. Members can quickly find a branch or ATM near them by using the Co-op Shared Branch/ATM locator tool. (When directing members to the Locator tool, note that Co-op updates the locator throughout the day. Members should call branch locations to confirm service options.) As you begin to reopen your own branches and ATMs, here are a few best practices to keep in mind:
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Allowing Expired Driver’s Licenses
While most states have reopened their DMVs, some members may not have yet renewed their expired driver’s licenses, which can prevent them from performing certain banking tasks. The Co-op Shared Branch Network allows expired driver’s licenses to be used for identification, as long as the rest of the validation process and ORRs are strictly followed. (note: this applies only to driver’s licenses expired after 1/1/2020)
Health and Safety Measures
Consider putting limits on the number of members allowed inside branches at one time or allowing branch access by appointment only. Continue to enforce social distancing measures between members and staff inside branches. Post reminders and use tape to place markings six feet apart on the ground in areas where lines build up. Enforce a strict policy of wearing masks and remind your tellers to always wear gloves when interacting with members. Consider deploying extra janitorial staff to do a deep cleaning of all facilities, wiping down teller counters and setting up hand sanitization stations around the branch. Consider installing plexiglass or other barriers to minimize the spread of germs between members and employees.
Personalizing the Branch Experience
With the prolonged impact of COVID-19 unknown, now is the time to re-assess the experience at your branch to ensure it meets members’ expectations. Consider how to equip and train your branch personnel to provide more personalized attention and support to members, leveraging account-level data to anticipate and solve members’ biggest pain points. Solicit feedback from members around what they liked or did not like about their branch experience and update your branches accordingly.
Health and Safety Procedures
Ensure ATM screens and keypads are wiped down multiple times a day. (Here’s a helpful guide from the California Credit Union League on cleaning procedures for ATMs) Ensure social distancing measures are adhered to and masks are worn at ATMs and drive-thru ATMs. Update the screens on your ATMs to communicate any important updates on hours or access or to just remind members that you are there for them.
While we have not seen overwhelming spikes in ATM usage, it is important to monitor your ATMs to ensure they can handle increased transaction volume. All Co-op ATM Clients have access to “Device Inquiry” which provides immediate access to determine current cash totals position at each ATM with detailed information about the net amount of cash for each currency type in the device, the total amount of cash contained in each active canister, the currency code, type of bill, and number of bills, for each selected device. Totals provided are real-time and calculated from last cash reset accounting for current activity. If you are not sure how to access this tool or your user ID has expired please contact Client Care at 800.782.9042, option 2, or clientcare@coop.org
3 General Cybersecurity Best Practices:
Fraud continues to be a moving target during COVID-19, with fraudsters coming up with innovative new schemes every week (like state unemployment claims, for example). However, credit unions should be close attention to rising fraud across card-not-present (CNP) channels. There are a number of things you can do at your credit union to help mitigate the risk of fraud throughout COVID-19:
Review and Adjust Transaction Limits
Consider working with Co-op or your core processor to review or set up transaction limits at the cardholder-level. For credit unions that offer CardNav by Co-op, members can set transaction limits on their credit or debit cards from the convenience of their phones.
Review spending habits for trends and make necessary adjustments
Be on the lookout for unusual spending patterns that indicate fraud. You can do this by leveraging CV’s business intelligence and reporting tools or working directly with Co-op’s experienced Fraud Analysts and/or your core processor. As a reminder, all member accounts on the Co-op Shared Branch Network are also monitored by our advanced, fraud prevention solution COOPER Fraud Analyzer.
Review Travel Indicators on Accounts
With consumers cancelling or changing their travel plans, encourage members to notify you of changes in their itinerary. This will allow for any travel indicators that were previously noted on the account to be removed. When travel indicators are placed on an account, they are managed under less-restrictive fraud rules. By removing a travel indicator, the member has the appropriate fraud monitoring in place for their activity.
Remind Members to Use Fraud Text Alerts
Remind members to actively check and respond to fraud text alerts they receive on any suspicious activity within their account. CardNav users can also set up custom alerts for specific transaction types and dollar amounts within the app.
The Department of Justice (DOJ), World Health Organization (WHO), and FBI have all issued warnings about the rise in COVID-19-related fraud schemes that are exploiting unsuspecting victims across the country (learn more about “3 Common COVID-19 Fraud Schemes”). And as more payments shift to digital and mobile channels in the wake of state-level shutdowns, the potential for not only fraud but also transaction disputes will place an increased burden on your credit union and members.
Security and Authentication
As more and more transactions move to online, mobile, and ecommerce over the coming months, credit unions must ensure a seamless level of security for CNP transactions. If you haven’t yet, we recommend credit unions begin tokenizing their credit and debit transactions. Tokenization simultaneously protects the member, ensures a seamless purchase experience, and manages the potential dispute rights around CNP transactions. Co-op is in the process of implementing Version 2 of 3D Secure (3DS) across our entire credit/debit portfolio, in accordance with Visa and MasterCard mandates. Version 2 will use risk-based authentication based on the information available at the time of transaction – from the merchant and the issuer – and no longer requires a username and password. Cardholders are therefore automatically enrolled into 3DS version 2. At the same time, all transactions conducted through our mobile wallet solutions - Google Pay, Apple Pay, and Samsung Pay - are all tokenized. Therefore members should be encouraged to use them whenever possible
Remind employees not to open, click or share any emails from unknown sources and to report them to your Information Security Team.
Remind members not to give out their personal or financial information via call, text or email and to only access COVID-19 information from official government-sponsored websites.
Stay informed. CO-OP hosts a monthly discussion on fraud called “FraudBuzz” where our panel of experts share the latest fraud-related news and best practices for protecting members. (Learn more and register)
Co-op Payment Defender
In addition to more closely monitoring fraud at the transaction level, Co-op Full Service Credit clients can leverage Co-op Payment Defender to help minimize payment fraud losses. Payment Defender allows a credit union to identify cardholders who are most likely to have the next payment returned and allows for management of potential risk associated with that cardholder. The payment float feature ensures that a cardholder’s available credit is not increased when a payment is made until a certain number of float days have passed. Payment Defender allows the credit union to create specific actions to take based on various risk and fraud criteria of the cardholder and/or their payment history (ex. payment frequency and size relative to a card holder’s balance and/or credit limit). The number of float days and float amounts are customizable based on relative potential risk.
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Skip a Payment
The Skip Payment service allows the cardholder to “skip” making the Minimum Payment Due (MPD) on their credit card account. When activated, the MPD amount will show No Payment Amount Due on the applicable cardholder statement(s).
Fee-Only Relief
The Fee-Only Relief service allows your cardholder to forgo any new Cash Advance or Late and Returned Check Fees while this program is in effect. Normal Minimum Payment Due (MPD) will continue to calculate based on the current process but no new Fees as listed above will be assessed on the cardholder statement(s).
Interest and Fee Relief
The Interest and Fee Relief service allows your cardholder to forgo any new interest and fees while this program is in effect. The Normal Minimum Payment Due (MPD) will continue to calculate based on the current process but no new interest or fees will be assessed on the cardholder statement(s).
Additional Self-Service Options Available Through Springboard
Deferred Payment – delay the Minimum Payment Due by one month Temporary Credit Line Changes – increase a cardholder’s credit line for a specific timeframe Stop Interest Accrual – prohibit fees and finance charges from posting to an account Update Minimum Payment Due – quickly update Minimum Payment Due for an account Hold Correspondence – temporarily stop the delivery of statements Update Miscellaneous Fields – making it easier to track impacted accounts Credit Bureau Reporting – update an individual cardholder’s credit bureau reporting
We will keep you updated on strategies to manage COVID-19/coronavirus while also regularly informing you about our business continuity efforts. To that end, we have made available a microsite with all COVID-19 information, including client communications, our business continuity plan, resources and FAQs. Visit http://www.co-opfs.org/covid19 at any time for the latest updates. Thank you for being a valued client. As your partner, we want to lift the cooperative spirit of credit unions to support you and your members. We are here for you!
Credit and debit volumes experienced significant declines in the early months of the pandemic as members curbed spending; however, data from the CO-OP Credit and Debit portfolio shows that spending is rapidly climbing back to pre-COVID levels. Now is a critical time to ensure that your credit and debit cards are at the top of members’ wallets (both plastic and digital). To do that, we commend optimizing your card programs around these key areas: While economists are optimistic that economic recovery from COVID-19 has begun, roughly half of the U.S. adult population is still unemployed or temporarily furloughed. Not surprisingly, many members have leaned on their credit cards to help them navigate the financial challenges of COVID-19. Numerous credit unions took advantage of financial relief programs which CO-OP made available and are still available to our Full-Service Credit clients. If you would like to take advantage of these programs, please notify your Client Service Executive by the 8th of this month in order to implement them for the next month's statement cycle of your cardholders.
Options Available to CO-OP Full Service Credit Clients:
Analyzing Member Spending Patterns As consumer spending levels begin to recover, now is the time to adjust your rewards program to meet your members’ current spending patterns and needs. For instance, an analysis of the CO-OP Credit and Debit portfolio found that year-over-year spending within online bookstores (primarily Amazon) and hardware stores both increased nearly every week during the pandemic. Those are two perfect opportunities to incentivize spending through increased rewards or a spend-and-get campaign. On the flip side, as members spend less on travel, tourism, gas or at dine-in restaurants, it may make sense to temporarily reduce the number of points you offer for those categories to offset total program expense. Leveraging spending data across your card portfolios can not only help position your card top of wallet but also benefit other areas of your business. For example, you can use spending patterns to identify and introduce lending opportunities to members at the right time. This will allow your credit union to simultaneously capture new lending revenue while also holistically supporting their members’ financial needs.
Supporting financial relief:
Credit and debit volumes experienced significant declines in the early months of the pandemic as members curbed spending; however, data from the CO-OP Credit and Debit portfolio shows that spending is rapidly climbing back to pre-COVID levels. Now is a critical time to ensure that your credit and debit cards are at the top of members’ wallets (both plastic and digital). To do that, we commend optimizing your card programs around these key areas:
Adoption of digital banking has increased exponentially as a result of COVID-19. Experts agree that even as physical distancing guidelines are relaxed, consumers will still prefer digital and contactless payments. 27 percent of small businesses have reported an increase in mobile wallet transactions over the last few weeks. A Mastercard global study found that 46 percent of consumers have swapped out their top-of-wallet card for a card that provides contactless functionality and 74 percent of consumers will continue using contactless payments post-pandemic As more members adopt digital payments into their daily lives, it will be vital for credit unions to secure top-of-digital-wallet. OP offers our clients a variety of mobile and digital banking solutions – here are a few best practices for ways to leverage them in order to drive usage:
CardNav by CO-OP Mobile card controls and alerts
Set Transaction Limits - members can restrict transactions by device, location, or only to certain merchant categories Budgeting – members can limit spending amounts in order to stay within their budget Transaction Monitoring & Alerts – members can actively monitor for fraudulent activity or set up real-time alerts to alert them of suspicious activity Notifications - credit unions can use push notifications to communicate important updates to members (branch closures, support information, newly available features, etc.)
One-Time Passcode for Digital Wallets
Deploying a one-time passcode provides your members with additional security and encourages them to add your card to their digital wallet, especially during these uncertain times. CO-OP includes one-time passcode provisioning as a standard feature with all our Digital Wallets offerings.
Mobile Wallets / Contactless Cards
As members venture outside of their homes to buy groceries and other essentials, remind them that using their mobile wallets and contactless cards can help limit their risk of infection. CO-OP currently offers Google Pay™, Apple Pay®, Samsung Pay™, Fitbit Pay™ and Garmin Pay™ as well as contactless credit and debit cards.
Instant Card Issuance/Activation
If your credit union leverages CO-OP instant issuance or card activation capabilities, you can give your members instant access to their funds without having to call or wait for the mail.
Right now, your support channels are probably still experiencing high volumes of member inquiries. Members are feeling anxious, not only about their accounts but also their overall financial wellbeing. To help put them at ease and ensure the health and safety of your service agents, follow these best practices:
CO-OP Contact Center
For credit unions that utilize CO-OP Contact Center, remember that we are here to support you with after-hours and overflow support for cardholder, lending, and general member inquiries. We are working hard to ensure that there is no disruption in service at our Contact Centers and that our agents are well-prepared to provide additional support to your credit union.
To help reduce high call volumes, encourage members to submit any non-urgent inquiries through their mobile banking, digital, or Interactive Voice Response (IVR) channels. Add a Courtesy Call back feature to your Contact Center menu. If you have a Contact Center, prioritize the health and safety of your agents by advising them to stay home if experiencing any flu-like symptoms or if they have been in contact with anyone that has tested positive for COVID-19. It is also important to remind employees to maintain frequent contact with their managers during this time. As you grapple with how to prepare for remote working arrangements, consider a tiered approach, migrating employees as quickly as possible without significant loss to business functions.
