Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
NCUF distributes Filene tax report to REAL Solutions CUs
WASHINGTON (3/30/09)--As a resource for credit unions providing free tax services as part of the REAL Solutions program, the National Credit Union Foundation (NCUF) is distributing a new report that suggests credit unions can raise revenue by providing tax services in different venues. The Economics of Serving Low-Income Employees at Tax Time: Implications for Credit Unions was published this month by the Filene Research Institute and partially funded by NCUF (News Now, March 26). Rather than tweaking existing Volunteer Income Tax Assistance (VITA) programs, the report suggests opportunities for credit unions to provide fee-based tax assistance to:
* Credit union employees; * Members and non-members--especially those residing in densely populated, low-income or underserved areas, and; * Large companies’ employees--especially select employee groups of credit unions.
The report suggests that credit unions could partner with tax preparers, non-profits, and corporations to provide fee-based tax assistance in the workplace--an often overlooked delivery channel. In the report’s case study, a large company--Staples--saved $480 for each employee who received tax assistance--at a cost of $75. It also proved to be an investment in loyalty. Employees who received tax assistance in the workplace were 32% more likely to remain with their employer a year later. “Fee-based workplace tax assistance could be a new way for credit unions to expand services, build net income, attract new loyal members, and strengthen relationships with companies in their communities,” said NCUF Executive Director Steve Delfin. “For all of these reasons, we plan to incorporate findings from this report into the REAL Solutions program moving forward.”
Other Resources

RSS





print
News Now LiveWire
.@CFPB has concerns Re:electronic paymnts networks,particularly its effects on consumers,said bureau director Cordray http://t.co/mqi9bHL6Fb
2 hours ago
#NewsNow CUNA Tech Council white paper looks at EMV http://t.co/2znk5N0Y4m
3 hours ago
.@CUNA 3 pm ET Twitter chat Tues about recent customer satisfaction results ranking #CUs much higher than banks. #CUServiceExcellence.
3 hours ago
AACUL honors @DianaRDykstra with Eagle Award; Wendell Lyon re-elected chair http://t.co/FacmfLiItH
4 hours ago
.@NCUFoundation's Hyland, #creditunion leaders grace small screen for Va. TV program #CUNANewsNow http://t.co/opmMXzD91e
5 hours ago