Baxter Credit Union x Notarize

BCU reduces loan risk and improves funding speed and customer experience by notarizing POAs with Notarize.

BCU Drives Toward Same-Day Loan Funding With Notarize

POA documents completed in 15 minutes instead of days

Reduces loan risk by ensuring guaranteed collateral

Without ever standing in line

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Notarize has helped reduce a process in paper that took days to complete, to an average of 15 minutes that gets sent right to our system. It couldn’t be easier.”

Allison Yaney

Supervisor of Consumer Loan Servicing and Consumer Titles

More than five million Americans joined a credit union in 2018 alone, and more than 100 million members nationwide take advantage of services from auto loans to home refinancing. Credit the surge in growth to lower interest rate loans and high-interest savings. With more and more people turning to credit unions for their finances, they’re demanding digital-first solutions. The majority of documents needing to be signed and notarized, whether it be for 401k withdrawal or powers of attorney forms, are still done in paper. That’s why credit unions are adopting technology to change the way they serve their members

Baxter Credit Union Chooses Notarize

Named to the Forbes Best-in-State Credit Unions list, Baxter Credit Union (BCU) is one of the largest credit unions in the country. Serving almost 250,000 members in the United States and Puerto Rico, BCU has been pushing the boundaries on how they serve customers for nearly 40 years. One of their largest lines of business – auto loan financing – has seen a spike in popularity in the last decade. Before using Notarize, BCU had been asking its members to sign and notarize paper power of attorney forms in order to use their car as a lien should the member default on their loan payment. Because the POA was done on paper, the loan and lien forms were rarely completed in the same timeframe, requiring BCU to take on more loan risk without guaranteed collateral. We actually found Notarize by accident,” said Allison Yaney, Supervisor of Consumer Loan Servicing and Consumer Titles.

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We wanted to build an innovative process with a partner who could help us every step of the way. For that, Notarize was the perfect partner.”

Expanding Notarize to More Branches and Departments

When BCU first started using Notarize, the initiative was led by a handful of employees. The number of users has since tripled, and the credit union is thinking about ways to offer Notarize as a service to other branches and departments outside of auto lending. In its current use case, BCU is changing the way it is issuing loans. With ambitions to be one of the most technology-forward credit unions in the country, BCU is building a digital suite of tools and services  that will help them fund loans the same day a member applies. To do this, they are streamlining the loan  sales department process and doubling down on how they can use this technology to improve the member experience.

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“Everyone says it’s an easy and ‘kind of weird’ experience,” said Yaney. “I can’t think of any other business that allows their customers to have a FaceTime-like experience over your phone. It’s just better for our members, and better for our business.”

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You have notarization questions, we have notarization answers. While we at Notarize pride ourselves on providing helpful resources (like this blog!) to demystify notarization, we’re not lawyers and don’t give legal advice. Pro tip: always check with your own attorneys, advisors, or document recipients if you have further questions about notarization or digitally notarized docs.

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