“We really enjoyed working with the team at CU Engage. They made this project as fun as it could be. They shared their knowledge with us and kept us on track.”
Kara Tieman | CFO | Desco Federal Credit Union
Headquarters: Portsmouth, OH
Originally established in Portsmouth, Ohio, Desco Federal Credit Union serves eligible people in chartered communities in Ohio, Kentucky, and West Virginia. Desco Federal Credit Union has $345+ million in assets and is dedicated to providing an exceptional banking experience to more than 23,000 members. As they continue to expand, Desco Federal Credit Union is committed to educating its communities in schools and other public areas.
“We are a credit union leader providing personal and business financial products and services with great rates on auto loans, home loans, credit cards, checking and savings accounts, as well as many other specialty products.”
Desco Federal Credit Union members have the benefit of belonging to a community-oriented credit union and benefit from services like consumer, mortgage, business, and auto loans, low rates and fees, financial education, and easy access to online and mobile services.
Desco Federal Credit Union came to CU Engage in what we call a “split brand and split processing environment” where one provider delivers Credit Card branding, one provider delivers Credit Card processing, another delivers Debit Card branding, and another provider delivers Debit Card processing. In this environment, Desco did not have Principal Membership incentive agreements in place with either provider. The desired outcome was to get offers from providers as one single partner for both Credit and Debit branding and processing, and CU Engage was tasked with presenting the different options to allow the CU to make the best decision for their team and members.
Desco Federal Credit Union and the team from CU Engage completed a deeper analysis into the credit unions’ current set up and desired state. Even through some minor delays, CU Engage and Desco were able to achieve incredible results.
As a result of the project, Desco Federal Credit Union will only have to flip their smaller Credit portfolio (around 3,500 cards) to both a new Credit brand provider along with a new Credit processor. By partnering with CU Engage to complete both projects in parallel, Desco is able to receive the best value, increase operational efficiencies and have minimal impact on their membership. Had the CU completed the analysis separately, they could’ve been at risk for needing to re-issue twice. CU Engage also secured Debit incentives to begin upon signing, and Credit incentives will begin upon completion of the card reissue. Desco Federal Credit Union now has a single point of contact for both Credit/Debit, making management of the services easier internally, which will be felt on the member side as well.
In addition, Desco Federal Credit Union has a Principal Member partnership that will benefit the growth of their portfolios and
In addition to an estimated total term value over $1.2 million, an incentive agreement was negotiated over a 5-year term. The team worked hand-in-hand with the payments network to ensure specific details were not lost in translation and pushed the vendor to reassign the proper resources to ensure the credit union was taken care of and kept them updated and informed on the details.