Goldenwest continues to dedicate significant resources to the rapidly evolving payment card arena. Last week we released our mobile banking app update with the highly anticipated Card Controls feature. With Card Controls, members can enjoy greater Visa card security with a few swipes on their mobile devices. If your Visa cards are lost or stolen, simply login to the Goldenwest app and disable the cards immediately. If you plan on using your Visa cards far from home, set-up travel notifications with the mobile app. Perhaps our most popular security feature is biometric authentication...logging into your account with your thumbprint is now available for both Android and iPhone users.

During the summer months, we re-issued Visa credit cards to provide our members with EMV microchip security. The “chip cards” create distinctive transactions codes each time you make a purchase. Each code is used only once, making duplication for counterfeiters nearly impossible. Goldenwest will begin re-issuing Visa debit cards featuring EMV chips towards the end of fourth quarter 2016.

Earlier this year, Goldenwest was one of the first 50 financial institutions in the country to offer Apple Pay. Visa card information is securely stored in an iPhone, allowing members to make purchases with their mobile device through a process known as “tokenization.” This mobile payment system issues a one-time token which maps back to the cardholder’s account. No personally identifiable information is transmitted during the transaction, greatly reducing the opportunity for fraud. I’m pleased to announce that Goldenwest is on the verge of launching Samsung Pay and Android Pay which will offer similar mobile wallet security platforms.

While enhanced security features and new mobile payment systems are great tactics in the battles against fraud, members should not let down their guard when it comes to protecting their Visa card information. We caution members to continue vigilance in monitoring their accounts, using reputable ATMs, and making purchases with trustworthy online retailers. Also, keep Goldenwest up-to-date with your contact information, including multiple methods of preferred communication to reach you. Should we detect fraud on your account, we will attempt to reach you by home phone, mobile phone, text and/or email as quickly as possible.

Our employee of the month is Karla Ramos. If you’ve been assisted by Karla in one of our branches, you know why she is among the best. Members and co-workers alike enjoy spending time with Karla at the credit union.

I’m pleased to report Goldenwest was named among “Best Credit Unions to Work For” by Credit Union Journal for the second consecutive year. Our executive team strongly believes creating a healthy and productive environment for our employees is an excellent investment for the credit union.

In September, we opened a USU Credit Union branch inside Lee’s Marketplace in Logan. We are excited for this new partnership with Lee’s, and look forward to serving our members at this location. Construction continues on the Utah State University Welcome Center branch for the Logan campus, with anticipation of opening the branch during winter semester. The new Operations Center in Washington Terrace is on schedule for completion before the end of 2016.

We’re heading into the 4th quarter with our eyes on a strong finish for year. Loans increased by $11.7 million last month, and our assets have grown to $1.15 billion. As always, I appreciate your comments on this blog post, or via email at president@gwcu.org. For the latest credit union news, follow me on Twitter @GoldenwestCUCEO. Thanks for giving us the opportunity to serve you!