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CU System briefs (07/05/2012)
  • WILKES-BARRE, Pa. (7/6/12)--Cross Valley FCU, Wilkes-Barre, Pa., is the second Pennsylvania credit union that has offered Scranton, Pa., city employees affected by recent budget cuts some assistance. The $160 million asset credit union is offering, among other solutions, a new Liberty Line of Credit, said the Pennsylvania Credit Union Association (Life is a Highway July 3). The service offers members affected by the city's decision up to $7,500, with no payment, no interest and no fees for the first 90 days and a low annual percentage rate to follow. Current members who already have loans will receive loan deferral options. And Cross Valley FCU will offer individual financial plan consultations. Earlier, Tobyhanna FCU, Scranton, announced it would assist city employees after Mayor Chris Doherty  unilaterally cut city employees' salaries to the federal minimum wage of $7.25 an hour (News Now July 2) …
  • BARRE, Vt. (7/6/12)--Vermont State Employees' CU, based in Montpelier, Vt., has pledged $120,000 during the next three years to help the Vermont Foodbank move food around the state (Associated Press Newswires July 3). The amount is about the cost to operate a Foodbank truck that makes a daily trip between Rutland and Burlington for a year, said the Foodbank. The budget for that truck route is roughly $40,000 a year. Foodbank delivers donated food to about 280 food shelves, meal sites, shelters, senior centers and after-school programs. The $560 million asset credit union has supported Foodbank for nearly 20 years. This is its first multi-year pledge …
  • RICHMOND, Va. (7/6/12)--Members of Richmond-based Virginia CU have begun depositing checks using their smartphones. Virginia CU Mobile Banking users deposit their check by taking a picture of it on their iPhone or Android smartphone. Although large banks and financial industry giants offer the service, the credit union said it may be the first local credit union or community bank to do so. "VACU moved quickly to offer this service because of the rapid adoption of mobile banking by its members," said Frank Carina, VACU vice president for e-services. Nearly 35,000 members have signed up for mobile banking since it was launched last summer. The $2.3 billion asset credit union was an early adopter of e-services, offering online banking and bill pay since 1997. It also recently launched VACU MoneyTracker, a free personal financial management tool that helps members manage and track income, expenses and spending. Members can categorize transactions to see where and how they spend money and use the information to establish a budget. They also can create a savings goal and monitor their progress each month …


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