Members who do not have the high minimums some providers require to invest have another outlet to turn to.
The $3.6 billion Patelco Credit Union has rolled out a new service that allows members to invest in mutual fund choices for as little as $5 at a time.
Through InvestDaily, members are able to designate the amount and frequency of their investments, which are then deducted from any number of accounts they choose–either accounts within the credit union or elsewhere. There is no penalty to redeem the shares and the fees are $5.95 per month plus an asset management fee, according to Patelco in Pleasanton, Calif.
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