Strategic Link Question of the Week

An individual used a shared-branch kiosk located at a convenience store to access a member’s account without authorization and make numerous unauthorized withdrawals. Does our credit union’s insurance cover that?

 

As a credit union leader, you are charged with the responsibility of protecting the credit union. This scenario may or may not be covered by your bond carrier, but it would have a devastating effect on your credit union if it is not covered.

The only way to fully protect your credit union in this scenario is to have the right insurance coverage in place before any incidents arise. Specifically, you should make sure your bond coverage or endorsements cover fraudulent and unauthorized kiosk transactions. This coverage is not standard with all insurance carriers—and some don’t offer it all—but it is available through CUNA Mutual Group, a Strategic Link strategic partner.


Strategic Link is the NWCUA’s wholly-owned service corporation, providing the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. To learn more about how Strategic Link’s partnership with CUNA Mutual Group can benefit your credit union, contact Director of Strategic Partnerships Craig Reed: 206.340.4789, creed@nwcua.org.

Is your credit union working to expand its lending capabilities? Are you replacing your office furniture? Looking to upgrade your ATMs? Ask a question today to find out how Strategic Link can help your credit union meet its goals in the New Year.

Posted in CUNA, Industry Insight, Strategic Link.