Your members are moving: Address change considerations

In honor of my husband and I finally closing on our home, let’s talk about everyone’s favorite activity: moving! First, you have to find a place to live that meets all your criteria, which may take weeks. Second, you have to box up everything you own, take apart all your furniture, and rent a truck to transport your items to the new house. Third, you have to unpack, figure out where everything belongs in the new house, and then buy new everything because your old stuff doesn’t match the aesthetic of your new home. Finally, the last and most difficult step is updating your address with every service, company, and website you use- including your credit union.

Section 7 of Article XVI of NCUA model bylaws states that “members must keep the credit union informed of their current mailing address.” But what does the credit union need to consider when they receive notice of a change of address from a member? This blog addresses some considerations the credit union may want to review prior to updating a member’s address information.

Identity Theft

NCUA has issued guidance on identity theft and pretext calling in Letter to Credit Unions 01-CU-09, which includes steps credit unions should take to prevent fraud when processing address changes. This guidance indicates that credit unions should verify information prior to processing an address change, and send a confirmation of the address change to the member.

 

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