Patelco CU Pilots New Member Investment Service

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PLEASANTON, Calif. – Patelco CU said this morning its Patelcorp investment CUSO has teamed with SaveDaily to offer credit unions a service enabling their members to invest as little as $5 at a time in mutual funds.

Through InvestDaily, members will be able to designate the amount and frequency of their investments, then have them deducted from any number of accounts they choose—either accounts within the credit union or elsewhere. Unlike many other investments, there is no penalty to redeem the shares, and the monthly fees are minimal-- $5.95 per month plus a small asset management fee.

Another benefit of InvestDaily is its registration process which requires the completion of “suitability” questions to help determine the member’s risk tolerance and investment goals. Since investments in mutual funds expose members to fluctuations in the stock market, this important tool helps them determine how they feel about their ability to withstand these fluctuations.

“InvestDaily is not only easy for members to set up and use, it’s equally easy for credit unions to make available to their membership by simply adding a few inexpensive features to their online banking site,” said Scott Waite, senior vice president of Patelco and head of Patelcorp.

InvestDaily is a partnership between Patelcorp and SaveDaily, a 10-year-old Orange County, California-based company that was founded to provide people of all income levels the information and tools necessary to invest and self-manage their short- and long-term savings goals. Through this partnership, Patelcorp will help promote the SaveDaily platform to other credit unions.

 

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