Virtual Utilities Employees CU Returns $12 Million to Members
A member loyalty bonus program helped Utilities Employees Credit Union, a virtual cooperative with no branches, return $12 million to its 44,000 members in 2012.
The $1 billion Wyomissing, Pa.-based credit union made the announcement at its March 28 annual meeting.
UECU members also have received new and enhanced tools to access their funds, personalize their home banking options, financial education and individual guidance, and tools to manage their family budget, said Glen Yeager, president/CEO of UECU.
“On top of these new initiatives, our commitment to member giveback remained strong, with members receiving more than $12 million in financial benefits through UECU’s 2012 Member Loyalty Bonus, rewards programs, and earnings on their savings,” Yeager said. “Members saved millions more through lower loans rates and fewer fees than if they’d dealt with a bank.”
Last year was marked by UECU’s development of new features for its current home banking services, including personalized account dashboards and free tools for family budgeting and personal financial management, the credit union said.
In 2012, UECU said it also offered enhanced options for its health savings accounts, new financial wellness education materials, the debut of UECU’s wealth management department and MyPay, an alternative checking account for members who may not qualify for traditional checking.
This year, the credit union will introduce mobile banking, add insurance services to its investment and wealth management offerings and further expand its online financial services, Yeager said.
UECU said it has operated without a branch since its founding in 1934.