MADISON, Wis. — Popular in Scotland, Australia and Canada, an innovative, account that pools all of a member’s accounts including savings, loans, mortgage, checking and credit cards into one account, has moved one step closer to implementation by credit unions in the United States.

Members of the Filene Research Institute’s i3 team, NACUSO, PSCU Financial Services and others met on Feb. 27 in Chicago to discuss how to bring the Flex.One account to credit unions in America. The member’s entire loan is a line of credit, which allows the balance to be paid down when there is excess savings and withdrawn should those savings be needed. It also allows access via ATM, check writing, debit card, point of sale, ACH, and other features, which aim to make a separate checking account unneeded.

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