Academic journal article ABA Banking Journal

ABA Unit Helps Banks Cut Costs

Academic journal article ABA Banking Journal

ABA Unit Helps Banks Cut Costs

Article excerpt

Trying to keep overhead down? An ABA subsidiary called the Corporation for American Banking, Inc., can help.

CAB negotiates savings in selected product and service areas by arranging group buying opportunities, taking advantage of the size of ABA's membership. These are some CAB offerings:

Equipment. Three programs are intended to provide savings on office equipment and supplies.

(1) Users can save an estimated 15% on AT&T long-distance service and 50% on telephone equipment and Airborne overnight courier service through American Bankers Access. This program will also audit telephone bills to see where banks could further cut telecommunications costs.

(2) An agreement with Xerox Corp., Rochester, N.Y., enables ABA members to receive discounts on copiers, facsimile machines, and other office equipment.

(3) A contract between CAB and Penny Wise Office Products, Edmonston, Md., provides discounts of 4% to 11% on office supplies.

Risk management. CAB works with several insurance companies to obtain group rates for ABA members.

(1) Banks can obtain commercial property and liability insurance, workers compensation (in most states), business auto, umbrella liability, and other specialized coverages from CIGNA-MarketDyne International, Philadelphia.

(2) Collateral protection, blanket single interest, force-placed hazard, and mortgage E&O and impairment coverages can be purchased from van Wagenen Company, Minneapolis. …

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