Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

August 26, 2009 12:58 ET

Text and Email Alerts From Coast Capital Savings Help Prevent Fraud and Avoidable Fees

New and improved alerts help customers stay on top of finances while on the go

SURREY, BRITISH COLUMBIA--(Marketwire - Aug. 26, 2009) - Coast Capital Savings has launched the second phase of its mobile banking rollout, with several improved features aimed at helping customers avoid potential fraud and fees, while staying up to date on their accounts.

Wendy Lachance, Coast Capital Savings' manager, e-business development, said eight new text or email alerts will help customers better manage their accounts remotely and provide timely information on the status of their finances, adding that early response to suspected fraud can go a long way in preventing fraudsters from tarnishing customers' credit histories.

"This is quite a unique tool that no bank in Canada currently offers so we're really excited to make this available to our customers," said Lachance. "Fraudsters are getting increasingly crafty and we need to continue to introduce tools that our customers can use to avoid becoming victims. These alerts provide protection and peace of mind to consumers and enable them to better manage their accounts while on the go."

The alerts will keep customers tuned into activity on their account, such as large withdrawals that may signal potential fraud. It also includes an alert informing customers that their account has been "locked out" due to multiple attempts to access their online banking account, using a wrong password. Lachance says one of the most attractive features of this phase of Coast Capital's text- and email- based service is the ability it provides customers to monitor various aspects of their account whether they're at home, out enjoying dinner with friends or running errands, allowing them to make informed and timely account management decisions.

Below are details of Coast Capital's new text and email alerts and their application:



----------------------------------------------------------------------------
Alert name/type How does it help?
----------------------------------------------------------------------------
New bill payment vendor Notifies customer when a new bill payment vendor
account added via account has been added via online banking. Helps
online banking keep track of activity on joint accounts and
prevent fraud.
----------------------------------------------------------------------------
Online banking account Notifies customer of potential fraud when access
locked (after 3 attempts to online banking is locked due to three failed
at accessing the account sign-in attempts.
using the wrong password)
----------------------------------------------------------------------------
Online Personal Access Helps with account management and fraud
Code changed prevention by notifying customer when their
Personal Access Code (PAC) is altered.
----------------------------------------------------------------------------
Increased authentication Notifies customer when access to Coast online
lockout banking is locked because of more than three
incorrect answers to security questions.
----------------------------------------------------------------------------
A deposit exceeding Helps with account management and fraud
$XXX.XX was made to your prevention by notifying customer when a deposit
account exceeds the set threshold.
----------------------------------------------------------------------------
A withdrawal was made Helps with account management and fraud
from your account prevention by notifying customer when a
withdrawal exceeds the set threshold. (minimum
$100.00)
----------------------------------------------------------------------------
Available balance report Notifies customer of their available balance.
Customers can elect to receive these daily,
weekly or monthly.
----------------------------------------------------------------------------
Low balance threshold Notifies customer if their available balance
falls below set threshold so they can avoid
incurring NSF fees on cheques/bill payments.
----------------------------------------------------------------------------


Lachance said Coast Capital's text-based alerts do not require finicky and expensive web browsers on cell phones and don't cost the customer anything other than the fees that mobile carriers charge for sending and receiving messages.

She said in addition to fraud prevention, the alerts can be useful in helping customers prevent avoidable fees due to insufficient funds for cheques or bill payments.

"Alerts that inform customers of a low balance in their account make it easier to avoid fees associated with bounced cheques and dipping into overdraft protection and ensure that customers don't miss bill payments that end up having a negative impact on their credit," Lachance added.

Brad Scott, Coast Capital's manager for channel marketing said texting is a wildly popular communications tool that few Canadian companies have integrated into their business model.

"It is a way for us to connect with a younger demographic while also appealing to anyone who is on the go and wants to better manage their finances," Scott said. "Since we launched text banking in March of last year, we have signed up more than 8,000 subscribers and we expect this number to increase with the newly introduced alerts."

According to the Canadian Wireless Telecommunications Association's Text Messaging Resource Centre, Canadians sent more than 20.7 billion person-to-person text messages in 2008 which was more than double the number sent in 2007.

Coast Capital Savings is Canada's second largest credit union with total assets under administration of $12.3 billion, more than 400,000 members and 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia. Product innovations from Coast Capital Savings include Canada's first free chequing account from a full-service financial institution; the country's first flat-fee, unlimited transaction business account; and a high-interest, no-fee savings account. The credit union was named one of BC's Top 50 Employers in 2009 and is among Canada's 50 Best Managed Companies. Coast Capital Savings has also been designated a Caring Company by Imagine Canada. To learn more, visit www.coastcapitalsavings.com.


Graphics available on request:

- Text-banking cell phone screenshot

- Graph: Growth of texting in Canada (source: Canadian Wireless Telecommunication Association)

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