Reloadable Prepaid Card Coming
RANCHO CUCAMONGA, Calif.-CO-OP Financial Services said it will offer a reloadable prepaid card to credit unions beginning in the fourth quarter of this year. Among the card's features will be the ability to offer members in-branch load and reload, direct deposit capabilities, personalization and online tracking.
"The prevailing trend among people 30 and under is to carry less cash in their wallet and to rely on plastic for even the smallest purchases," said CEO Stan Hollen.
Members will be able to use the card anywhere MasterCard or Visa debit cards are accepted, and can also be used to obtain cash at all of CO-OP Network's 25,000 surcharge-free ATMs around the country.
For info: www.co-opfs.org.
2 CUs Select XpressCredit
WASHINGTON-XpressCredit has signed two clients for its turn-down lending platform: Remington FCU and Syracuse FCU.
The online lending platform helps members who may not qualify for a car loan at their CU. When a member is turned down for a loan via the CU's usual underwriting process, a loan manager is able to enter a secure site and enter a member's information according to new parameters, and a decision is returned within minutes. Upon approval, the member receives a personalized check that may be taken to the dealership of his or her choice. The loan does not take effect until the check is signed.
For info: www.xpresscredit.net.
'Members Health Network' Debuts
WARRENVILLE, Ill.-Members United Corporate FCU has launched a wholly owned subsidiary, Members Health Network, LLC, which is "dedicated to making credit unions successful competitors in the new world of Health Savings Accounts (HSAs) and health banking."
Members Health Network said it is working with a handful of credit unions across the country as beta clients, and is projecting a full production release of its platform, HealthBanker, in time for the 2008 open enrollment benefits season. Members Health Network is headquartered in Members United's Albany, N.Y office. Peter Barnard is the CUSO's CEO.
For info: www.membershealth.net.
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