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A perfect match: Hawaiian Tel Federal Credit Union and FedComplete^SM Packages

June 2012

June — the traditional month for weddings — is when many couples join together in holy matrimony. In this June FedFocus issue, we are going to feature a different relationship; one between Hawaiian Tel Federal Credit Union (HiTel FCU) (Off-site Link) and the Federal Reserve Banks’ FedComplete Package. HiTel FCU’s vice president and controller, Wendy Cheung, talks about the credit union’s shift to working directly with the Federal Reserve Banks and the selection of a FedComplete Package to meet its business and operations needs.

Since its founding in 1936, HiTel FCU has grown to seven branches, 95 employees and over $500 million in assets. This tremendous growth has created a need for effective and efficient services to meet the needs of the credit union’s members and staff. Recently, HiTel FCU decided to move its business to the Fed. A number of factors influenced the decision to work with the Federal Reserve Banks, including cost savings, a peer recommendation, dedicated customer support sites and a wide variety of education and training resources.

 

FedComplete Packages deliver a simplified solution and cost savings

FedComplete Packages provide credit unions, like HiTel FCU, with a great opportunity to save with an all-electronic service package that bundles payment services with an access solution — all for one monthly fee. HiTel FCU experienced a 25% savings by deciding to work directly with the Fed and selecting the FedComplete 200 Plus package, which perfectly met the needs of its lower transaction volumes while allowing it to process its own payments through a FedLine Advantage^® Plus connection. HiTel FCU now enjoys transactions for FedACH^® Services, Fedwire^® Funds Services and the suite of Check 21-enabled Services, which includes FedReceipt^®, FedReceipt Plus for Returns, FedForward^® and FedReturn^® Services. In addition, the package complements the transaction volumes experienced by the credit union, which enables the Fed’s pricing to be both competitive and economical.

 

Finding support in many forms

Cheung indicated that, at first, the team at HiTel FCU had concerns about moving services to the Federal Reserve Banks because of the time difference between Hawaii and the mainland, service quality, system compatibility and working with a new platform. The team connected with the manager of a small local credit union, who helped Cheung and her team feel more comfortable about the move.

Having a good support system was critical to the HiTel FCU team, as change can be uncomfortable for everyone. HiTel identified a couple of challenges that needed to be addressed:

1. Coordinate with the Fed on the use of terminology, and
2. Invest in new hardware and software to support the service options selected.

In hindsight, Cheung noted that the challenges faced were truly minor, rather than major, obstacles and the team was happy to make the adjustments as new software and hardware brought the credit union systems up-to-date and did not require additional staff.

In addition to peer support, HiTel FCU found the staff at the Federal Reverse Banks to be very easy to work with throughout the transition. To simplify the move, the credit union shifted its electronic check, wire transfer and automated clearing house (ACH) services to the Fed over a period of several months, giving staff time to become proficient in each. “Throughout the process, the Fed staff we interacted with and our account executive, Manny Ramirez, proved to be knowledgeable, efficient and patient. They understood the needs of my organization and looked for a solution for all of our needs,” stated Cheung.  She also appreciates the consistently high levels of service she receives adding, “Fed staff is always able to help while being accessible, professional and courteous.”

 

Take advantage of free education, training options and customer support

To get a feel for how the Fed’s systems and services work, the team at HiTel FCU attended several Federal Reserve Bank events, in addition to using our online education tutorials. We offer a wide variety of opportunities, such as Getting Started with the Fed, that are free and available to all depository institutions. You, too, can take advantage of the free educational curriculum we offer – just sign up today! 

Are you ready, in wedding speak, to “tie the knot” and make the move to working directly with the Fed? Contact your local account executive to learn how our FedComplete Packages or à la carte services may be the right solution for your institution. We are ready to help you with comparisons and can provide you with extensive information on our services. Use the My FedDirectory^® service to access your personalized phone directory of all your Federal Reserve contacts.

The Federal Reserve Banks do not sponsor or endorse any of the non-Federal Reserve Bank-related products, parties or entities discussed in this publication.

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