Online payment service PiggyBanc of Amherst, N.H., said it has waived its e-check fees.
PiggyBanc, which said it serves approximately 350 credit unions, allows members to set up an online account linked directly to their CU deposit account and make instant payments to friends and family members.
“As we continue to add new credit union partners, we’re constantly looking for ways to enhance the system,” PiggyBanc President Christopher Jay said in a press release. “We’re excited about offering e-checks at no fee and are working to roll out several other significant enhancements over the next few months.”
PiggyBanc’s services combine “the best of social media with the latest in payment technology” and are designed to help families conveniently transfer payments such as birthday gifts, babysitting fees and college savings funds, the company said.
PiggyBanc’s services help credit unions develop more engaged relationships with younger members by encouraging them to come back to the CU’s website often through automated contribution notices and thank you reminders, the press release said.