BAKERSFIELD, Calif.–From new checking products to investment platforms to a variety of loan offerings, credit unions have been rolling out a multitude of new offerings. Here are a dozen of the most recent featured in the CU Daily, with links to the original reporting.
Note, too, that in the coming week the CU Daily will have additional reporting on another half-dozen or so product and service introductions and special offers.
Valley Strong CU to Launch Bank-On Certified Checking Accounts for Underbanked
BAKERSFIELD, Calif. — Valley Strong Credit Union plans to launch a Bank On-certified checking account aimed at expanding access to affordable financial services for people who are unbanked or underbanked.
The new Basic Access Account will meet national Bank On standards intended to provide consumers with safe, low-cost banking options, according to Valley Strong Credit Union.
For full story, go here
To Get Members to Rethink Money Management, GTE Financial Launches ‘Dock Your Dollars’ Promo
TAMPA, Fla. — GTE Financial Credit Union has launched a sweepstakes offering four Florida residents $2,500 cruise prizes for establishing qualifying direct deposits or opening certain business accounts.
The “Dock Your Dollars” sweepstakes runs from Aug. 14 through Oct. 14 and is intended to encourage consumers and business owners to evaluate where and how they manage their money, according to GTE Financial.
The story can be found here. .
Securityplus FCU Launches Self-Directed Investment Platform for Members
BALTIMORE — Securityplus Federal Credit Union has launched a self-directed investment platform that allows members to buy investments and manage portfolios directly through the credit union’s digital banking platform.
The new service, called Securityplus Investments, is powered by Eko Investments and is designed to give members access to investing tools alongside their traditional banking accounts, the credit union said.
For the details, go here.
What’s On Tap at One CU? A Back-to-School Campaign With Financial Incentives for Young Savers
GOLDEN, Colo. — On Tap Credit Union has launched a back-to-school campaign offering financial incentives to young savers while also naming two Colorado high school graduates as recipients of its annual community scholarships.
The $474-million credit union said its youth promotion began Thursday and will continue through Labor Day, offering qualifying members a $50 school-supply gift card while encouraging children and teenagers to establish savings and checking accounts.
The story is here.
SchoolsFirst FCU Launches Card Rewards Promo on Gas, EV Charging Purchases
TUSTIN, Calif. — SchoolsFirst Federal Credit Union has launched a limited-time credit card rewards promotion offering increased rewards on gasoline and electric vehicle charging purchases after seeing a sharp increase in members’ fuel spending, the credit union said.
The $37-billion SchoolsFirst FCU said average credit card spending on gas has increased 15% year over year, three times the 5% growth recorded for overall non-gas spending.
For the story, go here
AltaOne FCU Adds New Earned Wage Access Offering for Members
RIDGECREST, Calif. — AltaOne Federal Credit Union said it has launched an artificial intelligence-powered earned wage access program designed to give members access to wages they have already earned before payday, while also making a strategic investment in the fintech behind the platform.
According to a statement from AltaOne, the credit union has introduced AnyTimePay, an earned wage access solution developed by Veep Software that allows members to access earned income through the credit union as an alternative to payday loans, overdraft fees and other high-cost short-term borrowing options.
The story is here. .
Four East Idaho CUs, GoWest CU Foundation Launch Program Aimed at Boosting Home Ownership
SEATAC, Wash. — Four East Idaho credit unions have partnered with the GoWest Credit Union Foundation to launch a zero-down payment mortgage program, with the organizations saying the objective is to help first-time homebuyers overcome one of the biggest barriers to homeownership.
According to the GoWest Credit Union Foundation, the new East Idaho Welcome Home program, which opened for loan applications on Aug. 3, offers 100% financed mortgages to eligible first-time buyers seeking to transition from renting to owning a home.
The collaborative initiative includes Connections Credit Union, Frontier Credit Union, Idaho Central Credit Union (ICCU) and Westmark Credit Union, with support from a grant provided by the GoWest Credit Union Foundation.
The details are here
MIT FCU Says Math Adds Up, Adds BNPL Product for Members
CAMBRIDGE, Mass. — MIT Federal Credit Union (MIT FCU) has launched a new in-house Buy Now, Pay Later (BNPL) product it said has increased financial flexibility while reinforcing its dedication to supporting members in every stage of their financial journey.
The BNPL tool has been integrated into MIT FCU’s trusted mobile and online banking platforms.
“Our goal has always been to empower our members with tools that simplify their financial lives,” SVP-Lending Dmitriy Banar said in a statement. “This BNPL offering provides a transparent and responsible way to plan purchases, manage spending, and stay in control, supported by a credit union that they see as a trusted partner.”
The story is here.
Vibrant CU in Partnership With Manitou Group to Finance Equipment Purchases
MOLINE, Ill. — Vibrant Credit Union said it has partnered with Manitou Group North America to provide equipment financing for consumers and small businesses purchasing Manitou and GEHL equipment, expanding the credit union’s growing portfolio of manufacturer lending relationships.
According to reporting by Quad Cities Business, the Moline-based credit union will offer financing programs designed to support Manitou and GEHL dealers with consumer lending options aimed at streamlining equipment purchases in the construction and agriculture sectors.
The full story is here.
Westenra CU Intro’s Series of Financial Products, Initiatives Aimed at Colorado’s Educators
DENVER — Westerra Credit Union has introduced a series of new financial products and initiatives aimed at supporting Colorado educators, including a high-yield savings account, expanded down payment assistance programs and plans for additional grants and scholarships.
The Denver-based credit union, which was founded in 1934 by eight schoolteachers, said the new offerings are designed to address financial challenges identified by educators while expanding opportunities for homeownership.
The story is here
Nymeo FCU in Partnership With National Association of Women Business Owners-DC
FREDERICK, Md. Nymeo Federal Credit Union has entered into a partnership with the National Association of Women Business Owners Greater DC aimed at expanding financial education, networking opportunities and banking resources for women-owned businesses across the region.
According to Nymeo, the partnership includes a sponsorship agreement and is intended to provide women entrepreneurs with educational workshops, financial wellness resources, networking events and access to the credit union’s Business Solutions Bundles, which include business checking, merchant services, treasury management and cash flow products.
The story is here
MSUFCU Opens New Youth-Focused Branch Called ‘Money Lab’
EAST LANSING, Mich. — More than 150 community members attended the grand opening of a new youth-focused banking branch created by MSU Federal Credit Union that combines financial education with interactive play, according to the credit union.
The facility, called the Money Lab, is located in MSUFCU’s 311 Abbot building and is designed to help children learn basic financial concepts through hands-on activities while also functioning as a fully operational credit union branch, the credit union said.
The story is here. .
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