METARIE, La.–How are credit unions capturing new niches, evolving to meet member needs, responding to competitors—in short, what products and services are they introducing? As part of its ongoing coverage of new offerings the CU Daily has an overview of some of the latest initiatives and innovations.
First Time Homebuyer Program in Louisiana
METAIRIE, La. – The OnPath Foundation, the philanthropic arm of OnPath Credit Union, has launched the “OnPathway to Homeownership First-Time Homebuyer Down Payment Assistance Grant Program.”
Eligible participants may receive up to $5,000 to assist with a down payment, closing costs, or prepaid expenses.
“Homeownership is one of the most powerful tools for building generational wealth and stability,” OnPath Foundation Board President Candace Washington said in a statement. “Through the Pathway to Homeownership program, we’re addressing historic disparities and ensuring more families have the support they need to achieve this life-changing milestone.“
Affordable Housing Program for Employees, Partner Biz
WARREN, Ohio– 7 17 Credit Union has launched a new affordable housing program in the form of discounts for employees and partner businesses.
Current 7 17 Credit Union employees can receive a 1% mortgage rate discount for a home purchase anywhere in Trumbull County, Ohio, and a 2% rate discount for a home purchased specifically in the city of Warren.
In addition, for employees buying in Warren Ohio, 7 17 Credit Union will waive fees for application, loan origination, credit report, processing and documents, appraisal, and title insurance.
7 17 “Workplace Partners” can also receive the same mortgage fee waivers as those buying in the city of Warren. The savings could amount to about $3,500 on the purchase of a $130,000 home, according to the credit union.
Save to Win Accounts Prove to be Popular
EAVERCREEK, Ohio–Wright-Patt Credit Union is reporting its members won more than $175,000 in cash prizes over the past year by opening WPCU Save to Win accounts.
The $9.2-billion WPCU said more than 2,100 members have won since the program began in April 2024.
“Each month, over 140 members won prizes from $25 up to $1,000,” the credit union said. “Quarterly prizes ranged from $25 to $5,000, and one member won the annual grand prize of $10,000.
By opening a Save to Win account, rather than earning dividends, every $25 a member saves earns them an entry into monthly, quarterly and annual drawings for a chance to win cash prizes.
For the full story, go here.
Homeownership Program Just for ‘Hometown Heroes’
CHARLOTTESVILLE, Va. –UVA Community CU is offering a homeownership program called “Hometown Heroes” that law enforcement, professional educators, medical, fire/rescue and the military to buy a home without having a down payment.
SVP Greg Ballew told CvilleRightNow.com that the credit union’s mission to enhance community well-being and show gratitude to those who often struggle to afford homes in the communities they serve.
“They’re generally not paid that much in order to be able to save a down payment,” Ballew was quoted as saying. “So, one of the ways…we thought about this program is how are we going to help our communities and our heroes to be able to afford a home?”
The full story can be found here.
‘Spring to Savings Challenge’ Launched by Dupaco
DUBUQUE Iowa —Dupaco Community Credit Union has announced its “Spring to Savings Challenge,” which it called a 21-day journey that will help participants “build stronger saving habits.”
Credit union membership is not required to participate.
According to Dupaco, the three-week challenge will: help participants take control of their finances, build momentum toward their savings goals, and give participants a chance to win cash prizes along the way.
During the challenge, the credit union said participants will:
- Build learning habits with simple strategies to grow their savings
- Stay motivated with regular check-ins to help stay on track and celebrate progress
- Get rewarded with weekly cash prize opportunities and the chance to win the $500 grand prize.
The full story is here:
Digital Small Business Program Launched by Meriwest
SAN JOSE, Calif.–Meriwest Credit Union has launched a digital small business lending product under the brand name Meriwest Business Express.
The offering is being made through a partnership with Enable Technologies, which is providing what it said is a unified deposit and loan onboarding platform, “purpose-built for modern community financial institutions.”
The $2.1-billion Meriwest CU said it is expanding into small business services via Enable’s configurable platform, which will offer businesses a fast, seamless way to access business credit designed to support working capital needs, seasonal needs, and day-to-day operating expenses.
Apple FCU Takes a Bite Out of the BNPL Market
FAIRFAX, Va.– Apple FCU has introduced a buy now, pay later (BNPL) solution for members.
Called PayAdvantage, the offering is being made through a partnership with equipifi. The $5.3-billion Apple FCU said It is the first credit union in Virginia to offer BNPL financing.
“Now, whenever Apple FCU members make eligible purchases on their existing credit union debit card, they will be able to split the payments for these transactions over time,” the company said. “Through equipifi, Apple FCU’s PayAdvantage program generates personalized offers to each member’s financial context and goals, meeting them where they are with timely access to extra funds.”
According to the organizations, members will be able to view and accept their PayAdvantage offers in their digital banking app, and receive the funds in their checking account “typically in moments.”
For the full story, go here.
Enhanced Checking Account for Nonprofits is Introduced by Great Lakes CU
BANNOCKBURN, Ill.–Great Lakes Credit Union (GLCU) said it has launched an enhanced checking account product for nonprofit businesses.
“As a mission-driven financial institution, GLCU is proud to offer checking accounts tailored to fit nonprofit organizations’ unique needs,” the credit union said in a statement.
The $1.6-billion GLCU said nonprofits that open a checking account with GLCU can earn a competitive 3.00% APY rate on their balances and have access to advanced cash management solutions that support day-to-day banking needs and can improve operational efficiencies.
GLCU added that nonprofit checking account members can benefit from its advanced fraud protection services, ACH origination, remote deposit capture, digital banking services, such as Bill Pay and Mobile Check Deposit and ATM access at more than 5,000 locations.
The full story can be found here:
‘Business Relationship Plus Checking’ Rolled Out by GTE Financial FCU
TAMPA, Fla.– GTE Financial FCU is launching “Business Relationship Plus Checking,” which it called its most “comprehensive business checking account to date.”
The $2.9-billion credit union said the new account is the first of its kind in the Tampa Bay market and offers an “exceptional bundle of services and benefits.
“Created to meet the needs of Tampa Bay’s growing small business and entrepreneurial community, GTE’s Business Relationship Plus Checking offers a robust suite of financial tools and exclusive perks to support businesses at every stage,” the credit union said in a statement.
What’s In Package
At the heart of the account is Business Sense, which GTE Financial called an exclusive benefits package, which includes:
- Discounted treasury management services
- Commercial insurance, and title services to identity monitoring
- Legal support
- Cell phone protection
- Identity theft resolution
- 24/7 telehealth
- Shopping rewards
- Travel and lifestyle discounts.
The full story can be found here.
‘Family Banking Platform’ Introduced by Utah Community CU
PROVO, Utah– Utah Community Credit Union (UCCU) said it has entered into a partnership with Incent, a provider of family and youth digital banking solutions, to offer its Family Banking platform to members.
The $3.5-billion UCCU, which is located between Utah Valley University and Brigham Young University, pointed to research showing the average CU member is 53, while its average member is 32, “hence the impetus to offer a true family banking platform,” the organization said.
“UCCU has one of the youngest banking demographics in the nation, and we have a lot of young families,” VP-Marketing Kevin Banks said in a statement. “We needed to serve our families better now and into the future. The partnership with Incent is a perfect fit. We are thrilled to offer a banking experience, designed specifically with the youth in mind, to help foster responsible money management habits, financial literacy, and make it easier for parents to manage their children’s banking needs.”
Better Engagement Cited
According to Incent, its platform helps financial institutions better attract and engage members by offering a secure, real-world digital banking experience for children and teens, and further helps to seamlessly transition the child to an “adult” account when they turn 18.
The full story can be found here.
‘NextGen Ambassadors Council’ Debuts at Dannemora FCU
PLATTSBURGH, N.Y.–With credit unions often lamenting a lack of penetration among younger consumers, Dannemora FCU has launched the “NextGen Ambassadors Council (NGAC),” which it said is designed to provide local high school juniors and seniors with leadership development, financial literacy, and active engagement with credit union and community leaders.
According to the credit union, the NextGen Ambassadors Council will serve as a platform for students to collaborate with DFCU professionals and community members, “providing valuable insights into the financial industry while giving students a voice in shaping services for their generation.”
DFCU said the program is part of its ongoing commitment to educational outreach and youth empowerment across the North Country.
The full story is here.
