The Tallahassee, Fla., network announced that 17 credit unions renewed their contracts, some going back as far as 1993, in the second quarter, representing $3.4 billion in assets and 360,000 members. These credit unions alone perform more than seven million transactions annually through Credit Union 24, according to the company.
"Retaining more than 360,000 credit union members illustrates the strength and vitality of the flexible financial services that Credit Union 24 provides," said Jim Park, CEO of Credit Union 24. "Our partnerships with these credit unions have developed customized solutions that have directly addressed the needs of credit union members, and we look forward to continuing to work with these exceptional financial institutions in the years to come."
The 29 renewing credit unions and 21 new credit unions from the first half of 2009 represent more than $8.7 billion in assets with more than one million members. Credit unions have cited an increase in interchange income and having the largest surcharge-free ATM access in the nation as reasons for joining or renewing with the Credit Union 24 network.
The network also said it generated new relationships in Michigan and has expanded its influence in Wisconsin, Virginia and the Pacific Northwest, and is providing financial access to members of the nation's only virtual credit union, REALTORS Federal Credit Union.
"As our nation's economy begins to emerge from the current recession, Credit Union 24 will continue to grow and refine our service to our participants," said Park. "Investments in our relationship management program, which provides timely and qualitative information to help credit unions understand the complexities of the EFT environment, as well as our POS interchange structure and surcharge-free ATM access are all keeping more money in credit unions' coffers during this challenging economic climate."