Sunmark FCU Offers OnlinePremium

December 21, 2005, 1:00 a.m. EST 1 Min Read

SCHENECTADY, N.Y. - (12/21/05) -- Sunmark FCU is offering potentialmembers in its newly added field of membership a holidaypremium--an online savings account that pays 4.25%--the highestrate in the nation. The online accounts, at RateEdge.com, pay asmuch as five times the credit union's regular savings account ratesand are available for all members but are specifically targeted toresidents of upstate New York's Montgomery and Schoharie counties,which Sunmark added to its four-county field of membership just afew months ago. The special online savings product was devised toreach potential members who may be too distant from a branch andare comfortable with online banking, according to Susan Siegel,vice president of marketing for Sunmark. "We can't build branchesas fast as we'd like to in these new areas," Siegel told The CreditUnion Journal. The online product enables Sunmark to serve thesepotential new members while keeping expenses down, sheadded.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Enforcement

Fed sanctions Wyoming bank employee for embezzlement

The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.

By Kyle Campbell

19m ago
Monetary policy

Better-than-expected jobs report backs Fed's rate stance

The Bureau of Labor Statistics issued its unemployment report for June, showing that the economy added 147,000 jobs. The report supports the Federal Reserve's patience to cut interest rates.

By Colin McNamara

3h ago
Politics

Exclusive: Warren presses Fed on stress capital buffer

A Federal Reserve proposal to calculate stress capital buffers would mean that the banking system could be less likely to withstand an economic shock, the Democratic senator said.

By Claire Williams

4h ago
Monetary policy

The Fed can ignore Trump — but markets are listening

The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.

By Kyle Campbell

6h ago
Cryptocurrency

Erebor's charter bid rides wave of fintech-friendly policy

Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.

By Ebrima Santos Sanneh

July 2
Regulating Crypto

Ripple joins other crypto firms seeking trust bank charters

The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.

By Penny Crosman

July 2