UMassFive College Credit Union has selected ACH Federation to provide the independent not-for-profit cooperative financial institution with back-end automated clearinghouse technology to enable the institution’s members to pay their various loans by phone.
Customers pay an undisclosed “nominal charge” to use the service.
“In addition to being an immediate collections tool, this service is a preventative measure to keep our members out of the collections process by setting up a regular payment schedule,” Jon Reske, UMassFive vice president of marketing, said in a news release. “In today’s difficult economic climate, this is a very important service for our members.”
UMassFive members include employees, students and family members of the University of Massachusetts and the Five College system, which also includes Amherst College, Mount Holyoke College, Smith College and Hampshire College. The credit union also serves several smaller local educational and service organizations.