JMFA advises getting second opinion before signing contract

Kelly Flynn, national director of LEVERAGE partner JMFA has words of wisdom about making smart decisions for your credit union. Before you buy a used car, you take it to a mechanic. When you’re under the weather, you go to a doctor. When you face a dilemma, you consult a trusted friend. We’re all accustomed to […]

Kelly Flynn, national director of LEVERAGE partner JMFA has words of wisdom about making smart decisions for your credit union. Before you buy a used car, you take it to a mechanic. When you’re under the weather, you go to a doctor. When you face a dilemma, you consult a trusted friend. We’re all accustomed to getting a second opinion for the simple reason that we don’t know what we don’t know.

So, when it comes to negotiating vendor contracts for your credit union, looking for a second opinion should absolutely be part of the process. A third-party review by experts who know the ins and outs of vendor contracts will give you reliable advice, along with confirmation for a number of significant concerns, such as:

  • Am I getting the best deal?
  • Am I getting the best terms?
  • Am I missing out on signing bonuses?
  • Are there other vendors I should be looking at?
  • Are other financial institutions negotiating more aggressively and getting better concessions?
  • Can I consolidate line items or bundle services to save money?
  • Am I leaving any additional incentives on the table?

When you get a second opinion, you arm yourself with more complete information and a different perspective Read this case study on how we helped Garden Island Federal Credit Union get more out of their service contracts.

Are you leaving money on the table? Get that valuable second opinion on your vendor contracts to confirm just how much you could be saving your financial institution.

Look to JMFA for that second opinion. One of the best things about the JMFA Contract Optimizer program is it’s 100 percent contingency based: if we don’t save you money, you don’t owe us a thing. In other words, it’s risk free. And with a 98 percent success rate in finding savings — sometimes in the form of six-digit savings over the term of a contract — it’s likely you could be missing out on some serious savings. To learn more, contact Kelly.Flynn@JMFA.com.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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