Navy FCU announced last week that it is ending its role in the Correspondent CU Program that it started 30 years ago.
The program, which has grown to more than 130 participating credit unions, was started in 1975 to allow credit unions to initiate money transfers for members traveling or living away from their credit union through the use of a Credit Union Money Order, which transferred funds from their credit union to a local participating credit union.
The program, however, has been replaced by numerous other alternatives available to credit union members, including bank wires, shared branching, Western Union money orders, Web Bill Pay and ACH Origination, contributing to a decline in both the number of credit union participants and the transaction volume, Navy Fed said.
