INTELLIGENT CHECKING DEBUTS
VANCOUVER, Wash.–IQ Credit Union has introduced a new product is is calling “Intelligent Checking,” which pays a higher interest rate and offers other benefits.
Intelligent Checking pays a 5.75 APY on balances to $25,000, and while the CU offers a nationwide network of fee-free ATMS, Intelligent Checking refunds surcharge fees up to $25 per month for transactions on ATMs out of the network.
To qualify for maximum interest and ATM fee refund, members must sign up for eStatements, make at least 12 debit card transactions per month, have at least one ACH or payroll deposit of $100 or more per month, and use the Computer Branch at least once per month.
‘PAYDAY FREEDOM’ INTRO’D
SEATTLE–Watermark Credit Union has launched a product it calls “Payday Freedom,” which it says is designed to help its members break the payday loan cycle.
With Payday Freedom, members can borrow between $200 and $800 for an annual percentage rate of 18%. When members utilize Payday Freedom, 5% of each loan is deposited into a savings account, helping members to save money and stop the payday loan cycle. Loans are repaid through direct deposit.
“Payday lenders are taking advantage of our members. Our solution requires a 5% deposit, so they can start a system of saving,” said CEO Chuck Cockburn said. “The point is to break the cycle of taking one payday loan to pay off another one.”
For info: www.watermarkcu.org.
GREEN AUTO LOAN DISCOUNTS
BASKING RIDGE, N.J.–Affinity FCU has introduced a green auto loan to reward members for buying environmentally friendly vehicles. The loan carries a 0.25% discount on the annual rate and requires the vehicle be five years old or less, get 30 miles a gallon or more on the highway, have less than 75,000 on the odometer, and score at least five on the Greenhouse Gas and Air Pollution score. Hybrid vehicles are eligible if they meet the criteria. Affinity FCU has $1.5 billion in assets and 122,000 members.
$1B in SALO LOANS MADE
RALEIGH, N.C.–State Employees’ CU (SECU) said it has surpassed the $1 billion mark for cumulative advances on its Salary Advance Loan (SALO) program. That program is designed to be an alternative to payday loans, with SECU saying it has helped members not just save on fees but also accumulate more than $13.2 million as part of the program.
Nearly 100,000 members have participated, with SECU estimating that they have saved $145-million versus the cost of similar loans through a typical payday lender.
