Space Coast Credit Union is set to provide members with greater control and access to family finances.
Space Coast CU will use Corillian Consumer Banking's new "Family Banking" function which enables a single member to grant account access to other people, such as family members or financial professionals.
Under the family banking function, the member grants the right to someone else to see financial information or withdraw funds. Only the member controlling the account can grant access, establishing a user name and password. If the account-holder allows withdrawals, the program allows spending limits to be put in place to control spending.
Not even the credit union hosting the account will be able to change the information, according to Space Coast CU Executive Vice President of Retail Operations Timothy M. Antonition.
"This type of program is usually associated with businesses," he noted.
For example, married couples could share access to a child's education fund while each has their own checking account. Members can also see a history of the transactions made by a person with authorized access to the account.
Portland, Ore. based Corillian calls Family Banking a means to make accounts more "member centric," comparing it to the access a professional financial controller would have at a corporation. The company said it created Family Banking to serve the following goals:
* Allow a head of household to grant access to an account to a third party such as an accountant or financial advisor.
* Budget management for various accounts.
* Manage trust accounts.
* Allow adult children to manage an elderly parent's finances.
* Allow a parent to monitor a child's college expenses.
"I think people with kids in college will be intrigued by this," Hart said. "Rather than wait for monthly statements, you can control their spending."
Hart used an example from his personal life to illustrate a common use for Family Banking. Hart serves on a local Youth Football Board. Only the president and treasurer of the group can sign a check for any type of payment. However, the rest of the board can access the account to examine the finances whenever they wish. Board members can read statements or balance sheets, but they don't have any ability to make changes, he said.
Space Coast Credit Union was formed in 1951 for U.S. Air Force personnel and now serves 133,000 members with $1.3 billion in assets.
