Member Characteristics
Young, Respectful, New to credit and how it works
Establishing Credit
•Be Stern
•Educate the member
•Try to set up payment plan every payday
•Ask probing questions, anyone authorized to speak on the account, employment, pay schedule, borrowing money, any certificates or IRA’s, go over payment options, any additional income, look for business accounts and POA’s
Other bills/ no funds
•Delinquent for 0-3 months, financial worksheet, case by case per sup
Repayment plan
CEO of NFCU
Cutler Dawson
Hiding, defiant, will not negotiate
Refuses to pay
•Be persistent and firm stating the consequences
•Skip Trace, POE, UAD notes
•Different payment options
Filed for unemployment, job leads, payment options, asking anyone for help, cashing in any banking products
Unemployed
•Targeted aid to families in states hit hard by economic and housing market downturn.
HHF (Hardest Hit Fund)
When NFCU was established
1933
Entitlement and Sophisticated
"Well to do"
•Speak with them formally
•Be kind and offer to set up automatic payments
•Check payment history, explain about phone calls without a solid arrangement, bring to their attention broken promises, account history, push for solid payment and bringing their account current
Verbal Agreement
•Short term: short lived financial difficulties, increase length of loan
•Examples: reduction in work hours, medical emergency
Deferral
As of the first quarter of 2018 NFCU has how many members
7,770,340
Usually late but not due to financial obligation
Slow pay
•Be understanding & forgiving
•Suggest setting up recurring payments for the member
How many Branches does NFCU have
▪ Navy Federal Credit Union has 312 branches and 609 proprietary ATMs worldwide.
Robbing Peter to Pay Paul
Consistently Delinquent
•Build a rapport
•Set them up with a plan that helps bring them current
NFCU vision statement
Be the most preferred and trusted financial institution serving the military and their families