Considering the recent news about Equifax, I can understand how important this idea is to you and likely others. I’m glad you submitted this idea as it gives us a chance to talk openly about how we all brace for the unknown impact of their data breach.
There are 2 things I’d like to make sure are covered in this response:
Our commitment to protecting your information.
Our relationship with credit reporting agencies including Equifax.
Protecting your personal information is a top priority at BECU.
Sure, I know everyone says that and it can come across as “the corporate line.” I assure you, this is not just lip service from us.
Not only do we have systems in place to monitor activity on your accounts, we are also vigilant in proactively preventing and addressing events where your information could be vulnerable in the hands of the wrong people. We also hold our vendor partners to high standards when it comes to protecting your information and while we can’t prevent every instance, we’re here to help in any way we can. There is some great information on our website that informs our membership about what to do as a result of this incident and how to protect yourself in the future. As more news becomes available, we’ll continue to keep the page updated.
OK, now about the idea you submitted and our multi-faceted and, dare I say, complicated relationship with Equifax.
In a nutshell, the services we utilize them for, as well as TransUnion and Experian (aka “The Big 3”), are important to the decisions we make when it comes to lending to members who are in need of credit when buying a car, purchasing a home and establishing credit through a credit card. In turn, we provide information back to them for credit reporting purposes so that our members receive the benefit of their positive payment experience reflected in the larger credit “ecosystem." I can confidently say that terminating any relationship with “The Big 3” has the potential for a negative impact to credit scores for our members. We tested it and that was the result.
Equifax’s data breach is incredibly unfortunate. We expect that they’re taking the proper steps to address the breach and make sure our members have the proper support now that it’s occurred.
Thanks for bringing up this timely topic. It’s informed and savvy members like you that make this community a valuable forum.
Stay vigilant everyone!
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Gotta love it when our new members have a great idea right out of the gate!
I connected with our Business area and was able to confirm that a Deposit Only ATM Card is in the works. This type of card would allow for deposit transactions and the receipt would not display any account balance. This would typically be given to an employee who should only have the ability to make deposits. While I hesitate to provide a definitive launch date as we're in the process of building and testing it right now, it's anticipated to be released this year. (Ask and ye shall receive.)
With respect to the business license requirements, our documentation requirements for opening a business account vary by business type AND we're currently evaluating our process for opening business accounts to simplify the process for members, including documentation requirements. Regardless of the documentation requirements, we validate that the business is active and legal through a verification process. If you'd like to learn more about this, feel free to send me a private message and I can have a Business Specialist contact you.
Keep those great ideas coming! And welcome to the MIX Community!
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@jasongrimm: Uh-oh. I believe it's been fixed and you should be able to access it now. Thanks for letting us know so that we could resolve it. Let me know if there's an issue getting into that idea. - @StaceyC
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Picture this: You’re in line getting your favorite snack and beverage before the match and when you go to pay for it, BAM! You flash your BECU Sounders Debit Card designed by you.
Inspired by @beerific’s idea for a Sounders FC themed card, we’re inviting fans to pitch their design ideas for the only Sounders FC debit card available.
Official rules and entry details can be found here: SoundersFC.com/BECUDebitCard
Entries will be accepted through August 15, 2016.
“He shoots, he scores – GOOOOOOAAAAALLLLL!!!”
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