Twenty-nine current credit union clients have renewed theircontracts with the Credit Union 24 so far this year, and thecompany has picked up an additional 21.
The Tallahassee, Fla., network announced that 17 credit unionsrenewed their contracts, some going back as far as 1993, in thesecond quarter, representing $3.4 billion in assets and 360,000members. These credit unions alone perform more than seven milliontransactions annually through Credit Union 24, according to thecompany.
“Retaining more than 360,000 credit union members illustrates thestrength and vitality of the flexible financial services thatCredit Union 24 provides,” said Jim Park, CEO of Credit Union 24.“Our partnerships with these credit unions have developedcustomized solutions that have directly addressed the needs ofcredit union members, and we look forward to continuing to workwith these exceptional financial institutions in the years tocome.”
The 29 renewing credit unions and 21 new credit unions from thefirst half of 2009 represent more than $8.7 billion in assets withmore than one million members. Credit unions have cited an increasein interchange income and having the largest surcharge-free ATMaccess in the nation as reasons for joining or renewing with theCredit Union 24 network.
The network also said it generated new relationships in Michiganand has expanded its influence in Wisconsin, Virginia and thePacific Northwest, and is providing financial access to members ofthe nation's only virtual credit union, REALTORS Federal CreditUnion.
“As our nation's economy begins to emerge from the currentrecession, Credit Union 24 will continue to grow and refine ourservice to our participants,” said Park. “Investments in ourrelationship management program, which provides timely andqualitative information to help credit unions understand thecomplexities of the EFT environment, as well as our POS interchangestructure and surcharge-free ATM access are all keeping more moneyin credit unions' coffers during this challenging economicclimate.”