Navy Fed Pulls Out Of Correspondent CUProgram

VIENNA, Va. - (02/17/06) -- Navy FCU announced Thursday that itis ending its role in the Correspondent CU Program that it started30 years ago. The program, which has grown to more than 130participating credit unions, was started in 1975 to allow creditunions to initiate money transfers for members traveling or livingaway from their credit union through the use of a Credit UnionMoney Order, which transferred funds from their credit union to alocal participating credit union. The program, however, has beenreplaced by numerous other alternatives available to credit unionmembers, including bank wires, shared branching, Western Unionmoney orders, Web Bill Pay and ACH Origination, contributing to adecline in both the number of credit union participants and thetransaction volume, Navy Fed said.