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Reg E Communication Case Study

Profile:
Northwest FCU – $2.4 billion credit union based in Herndon, Virginia
105,000 customers, 60,000 email addresses on file
7,900 customers that had 2 or more overdraft fees in 2009

Northwest FCU used a combined print and electronic Reg E campaign to educate, inform and collect opt-in/opt out for 7,900 "high overdraft protection" customers. All communications were designed to drive members to learn more about Reg E and record their preferences on a DigitalMailer secure online form.

August 18, 2010 NWFCU sent approximately 7,900 letters to home addresses of customers in high use category. Encouraged members to go to website to learn more and to opt-in online or call their Call Center number

August 23, 2010 NWFCU sent a pre-recorded message from CEO to 7,400 customer’s home and/or cell phone numbers about the new Reg E changes affecting their accounts and opt-in requirements. The DMI Communication console reported Contact Name, Phone, Status, Sent to Contact Date, Request Received Date, and Message Details.

The actual voice call from the CEO delivered to 7,400 customers can be heard here.

August 23, 2010 NWFCU sent the email below to 6,329 members following up on the letter and voice call informing them of the new Reg E requirements. The email educated members about new Overdraft protection products and drove members online to sign up or to call their Call Center for more info. The ARB statistics console reports that:

• 3,189 emails to members were opened at least once (ARB provided date, time and who they were)
• 2,179 unique emails to members opened the email (ARB provided date, time and who they were)
• 790 members clicked on a link in the email (ARB provided which one, date, time and who they were)
• 699 unique members clicked on a link in the email (ARB provided which one, date, time and who they were)
• 713 “bounced” emails were reported (ARB a list of who they were)
  • 670 permanently bad emails; and
  • 43 which were temporarily unavailable
• 3 members unsubscribed from future Reg E notices (ARB provided date, time and who they were)

Digital communication results are MEASURABLE!

By August 27th Northwest Federal Credit Union had 638 responses in their secure online form…most to opt-in! The Credit Union is currently tracking the ROI internally using their actual costs and the statistics provided by all the digital communication tools used.

On September 30th, NWFCU had 4,100 members opt-in for their overdraft protection program. 2,400 of those were members in the "high use" target group of 7,900 members. That's 30% of targeted users opting-in.

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