article thumbnail

Social Data’s Impact On CU Member Personalization

PYMNTS

In the competitive financial industry, credit unions (CUs) remain popular banking options, with a recent CUNA Mutual Group report estimating that 324,000 consumers joined CUs in March 2019. Developments around the Credit Union World. For more on these and other credit union news items, download this month’s Tracker.

article thumbnail

What are Returned Check Fees: Definitions, Costs, and Prevention Strategies

EBizCharge

A returned check fee , often known as a bounced check fee or nonsufficient funds (NSF) fee, is a charge imposed by a financial institution when a check can’t be processed due to insufficient funds in the associated account. This modernizes payment collection and reduces overhead costs related to check processing.

Returns 52
article thumbnail

What Is an ABA Number?

EBizCharge

This fundamental component of the banking industry enables the correct routing of funds for transactions such as direct deposits, wire transfers, and electronic funds transfers (EFTs). Banks and credit unions use ABA numbers to ensure transactions reach the correct institution and account.

article thumbnail

What Are ABA Numbers?

EBizCharge

This fundamental component of the banking industry enables the correct routing of funds for transactions such as direct deposits, wire transfers, and electronic funds transfers (EFTs). Banks and credit unions use ABA numbers to ensure transactions reach the correct institution and account.

article thumbnail

Credit Unions Find Opportunity In Payments Disruption

PYMNTS

Credit unions are underdogs in a financial services space still dominated by major traditional banks, particularly when it comes to small business (SMB) lending and payments. However, credit unions have unique opportunities to elevate their positions with SMBs and the overall financial services (FinServ) ecosystem.

article thumbnail

Wire Transfer vs Electronic Transfer

EBizCharge

Understanding wire transfers and electronic funds transfers, how they operate, and the security they offer is crucial to gaining a clearer picture of today’s financial landscape. What is an electronic funds transfer (EFT)? How do EFTs work? Are wire transfers safe?

article thumbnail

Payment Processing 2024 Market Statistics in Canada

Clearly Payments

Credit unions have more than tripled their market share since 1982 and held 13% of consumers in 2023. Keep in mind that users of Neobanks are likely to still have bank accounts at more traditional banks and credit unions for the time being. using credit cards. However, the digital era is swiftly advancing: 58.9%

Process 105