The $3.6 billion Patelco Credit Union has rolled out a newservice that allows members to invest in mutual fund choices for as little as $5 ata time.

Through InvestDaily, members are able to designate the amountand frequency of their investments, which are then deducted fromany number of accounts they choose – either accounts within thecredit union or elsewhere.

There is no penalty to redeem the shares and the monthly feesare $5.95 per month plus an asset management fee, according toPatelco in Pleasanton, Calif.

Another feature is a registration process that requires thecompletion of suitability questions to help determine the member'srisk tolerance and investment goals. Patelco said sinceinvestments in mutual funds expose members to fluctuations in thestock market, this tool helps them determine how members feel abouttheir ability to withstand these fluctuations.

InvestDaily is a partnership between Patelcorp's investment andinsurance subsidiary, Patelcorp Inc., and SaveDaily, a 10-year-oldSeal Beach, Calif.-based company founded to provide people of allincome levels the information and tools necessary to invest andself-manage their short- and long-term savings goals, according tothe CU. Through this partnership, Patelcorp will help promote theSaveDaily platform to other credit unions.

“It is truly a mass market solution and we're excited aboutdelivering it to the credit union industry,” said Scott Waite,senior vice president and chief financial officer for Patelco andchief executive officer of Patelcorp. “Until now, manymembers have felt that they were locked out of investing in mutualfunds because of perceived high minimums.”