Seven CUs Sign with Covera
LATHAM, N.Y. — Covera Card Solutions, the card processor affiliated with the New York State Credit Union League, has announced that seven credit unions headquartered in New York, New Jersey and Connecticut have signed on for its services in the second quarter.
Five of the seven signed on to take advantage of the relationship Covera has with CO-OP Financial Services for access for its members to the surcharge free CO-OP Network. The remaining two signed up credit and debit card processing.
The credit unions adding CO-OP Network access to their card programs are, in Connecticut: Stamford Federal Credit Union and McKesson Federal Credit Union; in New Jersey: Rutgers Federal Credit Union; and in New York: GVTA Federal Credit Union and Ontario Shores Federal Credit Union.
For credit card processing, Covera has added Ever$Green Federal Credit Union, headquartered in New York and for debit card processing Albany Firemen's Federal Credit Union also in New York.
New Card Embodies Gift Giving and Donations
NASHVILLE, Tenn. — A gift card that will also allow charitable giving will hit the market this coming holiday season, according to its developer.
The Giving Tree GiveCard will carry a MasterCard logo and designate 10% of its face value to go to a charity of the recipient's choice. Card recipients choose which charity gets the donation from a database of 1.5 million registered nonprofits that will be on the Giving Tree Web site when they activate their card.
"At Giving Tree, sharing is the foundation of our business model. By sharing a small amount of your gift, you can improve society, help the environment, change a life," said Clayton Nicholas, co-founder and president.
The company is building a suite of socially conscious branded products, and a community for what it is calling microphilanthropy that provides fun and easy ways for everyone to give back with meaning. Giving Tree will also offer nonprofit affinity programs and develop customized corporate programs to promote corporate social responsibility, according to a release announcing the new card.
New cards can be ordered online and will be available for activation after Oct. 25, the new Web site said.
Consumers Kept Using Credit in August Despite Economic Fears
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WASHINGTON — Americans kept spending up in August despite a wave of economic and market concern over increased home foreclosures and trouble getting loans, according to the Federal Reserve.
Credit taken on revolving accounts like credit cards passed the milestone of $900 billion in June then moved up by $5.6 billion in July and $6.2 billion in August. The total as of August 30 is $915.5 billion, the Fed reported.
Carddata.com, a Web site which tracks U.S. credit card statistics, reported that $740 billion of that debt was on credit cards issued by financial institutions with the balance in other cards such as those issued by stores and oil companies. According to the Federal Reserve's preliminary August number, revolving consumer debt is growing at the rate of 8.1% per year.
Maryland Credit Unions Accepting County Water, Sewer and Tax Bills Again
CUMBERLAND, Md. — The Cumberland Times-News reported Oct. 2 that Maryland State Treasurer Nancy Kopp has ruled that county funds may be deposited in credit union accounts though state funds may not.
Rural western Allegany County residents will be able to make water, sewer and tax payments at local credit unions again soon. The report said that residents had complained to local officials about the discontinuance of the service, who sought an opinion from the state treasurer. Allegany County Commissioner Dale Lewis said that the loss of this service was a hardship on residents of the area where there are no banks, only credit unions.
County Finance Director Jerry Frantz had closed accounts following an initial opinion but that a second one issued to state Delegate Kevin Kelly acknowledged that the funds were not state money. The article said that Frantz intends to reinstate the accounts.
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