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Preparing a tax return is perhaps the least enjoyable financial task there is, but some credit unions are gladly jumping in to relieve the misery – and building profitable new revenue streams while they’re at it.

At the Raleigh, N.C.-based State Employees’ Credit Union, for example, tax preparation services are growing by 15% a year, according to SVP of Tax Preparation Services Tenesha Carter. At the $3 billion, Herndon, Va.-based Northwest Federal Credit Union, tax preparation at a subsidiary of its wholly owned CUSO, NW Capital Management, has been a profitable revenue source since it started offering the service in 1997, according to the CUSO’s president/CEO, Kevin Fisher. Today the Northwest Tax Group subsidiary handles about 900 tax returns per year compared to about 750 per year five years ago, Fisher said, and 94% of its clients are repeat customers.

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Tina Orem

 

Credit Union Times

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