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Many credit unions are struggling to find ways to cut operating costs and increase income. Offering eStatements for free and charging a small fee if the member chooses to receive paper statements has been a success for Sharetec Credit Unions.

Brian Blaszak, President of Synergy Partners Credit Union remarks, “Advertising our $2.00 per statement fee in our quarterly newsletter and other member documents to get members to sign up for eStatements has been very successful. This has brought us a decent amount of monthly savings from not spending on postage and paper, as well as the additional earned income. Roughly a $25,000 increase in income this year.”

Thom Ewen, President of Illinois State Credit Union also has great success with charging members a small $2.00 fee per statement when sending through the mail. “Not only has our postage and paper printing expenses dropped drastically, but we are earning over $2,000 per month in additional income. We do give exceptions for hardships, mostly when members complain adamantly, as well as excluding seniors.”

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