Your credit union will be handling your own mailed in payments going forward, and will be providing the address for placement on the back of the statement coupon.

Having a lock box with FIS or another vendor who can no longer access your member’s accounts to post a payment isn’t beneficial to either your credit union or your members.  This is because the payments will be delayed even longer and all the vendor can do is credit your corporate account for the amount of the checks and forward you a list for a credit union employee to apply the payments.  And you would be paying twice for the same service.

Remember that your members have many easy ways to pay their bill now, just like on any of your other loans: 

  • They can make a payment at any of your branches
  • They can set up an AFT
  • They can transfer funds to the loan via Audio Response or Online Banking (or set up an AFT if you allow them to from here)
  • They can set up payroll or ACH distribution/payments