Latest Union Savings Bank News
Apr 26, 2021
Image courtesy of iStock April 26, 2021 Danbury's Union Savings Bank has eliminated the wait for a replacement card if an existing customer's debit card is lost, stolen or compromised. The bank can print and issue a new one on the spot, according to a report in the Westchester & Fairfield County Business Journals. Peter Scotch, the bank's senior vice president and director of its Innovation Center, decided to eliminate the week-to-10 days it normally takes to receive a replacement debit card after hearing feedback from customers. If a card replacement is needed, a customer service team member from the bank will verify the customer's identity and then print the card, all of which takes place in a secure environment. The customer then activates the card and selects a personal identification number over the phone via a secure interactive voice response system. Instant issuance allows customers to gain full access to their funds, even when an account has just been opened, so they can begin using their card immediately. USB also offers digital instant issuance to serve what Scotch said is an increasing number of customers using mobile wallets on their iPhones and Apple Watches to make purchases. As for other services like Google Pay and Samsung Pay, Scotch said that while they are not directly linked to the bank's mobile app, customers can easily set up those options as well. USB also offers Debit Card Controls — available within the USB Mobile app — which allows customers to turn debit cards on or off in real time, reducing the risk of fraud if cards are misplaced. While instant issuance is becoming less unique in the banking world, Scotch said it can still give a smaller bank a competitive edge. Union Savings Bank has approximately $2.8 billion in assets and operates 25 offices throughout western Connecticut.