Our partnership with CU Engage has created cost savings for us so we are able to focus more of our efforts on meaningful initiatives for our members.
Herb White | Chief Lending Officer | Sharonview Credit Union
Headquarters: Fort Mill, SC
Sharonview Federal Credit Union achieved a savings of over $5 Million on debit alone which comes out to roughly 69% savings over their prior agreement.
What started in 1955 as a small credit union in North Carolina with 20 employees of Celanese and $11,000 in assets, Sharonview Federal Credit Union has grown into a premier financial institution with more than 93,000 members and over $1.6 billion in assets. Sharonview Federal Credit Union now has more than 300 employees and 19 branches in North Carolina and South Carolina.
“Today we are known for our outstanding personal service, extremely competitive pricing and dedication to being the premier financial service provider across all of our branch locations.”
Members of Sharonview Federal Credit Union benefit from several products and services offered by the credit union. Some of the ways Sharonview Federal Credit Union is committed to helping their members with their finances include high rates on savings, low rates on loans, free checking and savings accounts, online banking and a free mobile app, credit card options with low rates and fees, and financial advisors to help with insurance, and financial education. Members can also benefit from educational scholarships every year.
Sharonview Federal Credit Union takes pride in and is committed to providing support for local nonprofit organizations. Sharonview CARES means “Creating Amazing Results with Everyone’s Support.” In order to make an impact where Sharonview members live, work, play and learn, they focus on four main areas to concentrate their efforts within the communities they serve, including financial literacy education, ending homelessness, alleviating hunger, and social responsibility initiatives.
Sharonview Federal Credit Union reached out to CU Engage to assist in RFP for a new debit and ATM card processor, Network Evaluation and Invoice Analysis. Together, CU Engage and Sharonview reviewed existing contracts and services with their current vendor partner and conducted RFP with multiple vendor partners for Credit & Debit. Ultimately, the project team was successful in negotiating available discounts for basic and add-on services for Debit Card and ATM Terminal Driving.
When the project began, Sharonview was on an aging platform that required various manual processes for the credit union and higher expense to manage accounts on file. Member service support was suffering, as was innovation. Coupled with other major corporate initiatives, Sharonview was under pressure to finalize their review prior to end of year. Taking all of this into consideration, the team from CU Engage was also able to highlight various areas of opportunity for Sharonview to review with their existing provider to ensure there weren’t any duplication of services, missing rebates or increased expenses as a result of not purging data.
Thanks to clear and consistent communication and the work put in from the credit union and CU Engage, the accomplishments of this project exceeded expectations. The credit union considered the total savings and the ease of the process the biggest wins of the project.
Overall, Sharonview Federal Credit Union achieved a savings of over $5 Million on debit alone which comes out to roughly 69% savings over their prior agreement.
We were able to achieve these savings in the form of processing reductions and incentives not to mention help them secure favorable language in various areas throughout the agreement.
CU Engage appreciated and enjoyed working with the Sharonview team, saying they were a pleasure to work with and they always brought a bright attitude to each meeting. Great relationships built between the CU Engage team and the Sharonview team were a catalyst for great progress and results.