Tools and Resources for Credit Unions • MAY 2013

Trends and Topics Ca n a d i a n Cr e d i t Un i o n s Fi r s t t o La u n c h De p o s i t of the Month An y w h e r e ™ “Ba n k s Ha v e Gi v e n Cr e d i t Un i o n s A first in the Canadian financial a i l o r a d e p p o r t u n i t y o h o w services market, Central 1 Credit A T -M O T S Union and three Ho w Much Be t t e r We Ar e ” Canadian credit Question #1: What’s illegal in 11 states, including New York, unions — Meridian but is still being offered in these states at 20,000 locations? in Ontario, Affinity Question #2: What product is bringing in almost $40 billion a year in Saskatchewan, even though it’s outlawed in more than one-fifth of the country? and Westminster Savings in B.C. — Question #3: Thousands of emails have been sent out from CREDO are launching Deposit Anywhere™, Action asking recipients to send federal bank regulators signed a new mobile banking application petitions to stop big banks from taking a part in what program? that makes it easy to deposit a check Question #4: What major banks are assisting in this questionable using a smartphone. The app is simple operation? (HINT: JPMorgan, Wells Fargo, Bank of America, U.S. Bank, and secure, and enables users to de- Fifth Third Bank, Regions Bank, and Chase.) posit a check anywhere, anytime, in less than a minute, without having A new report from the Center for Responsible to visit a branch Lending released in March showed how six of or find an ATM. the major banks in this country are working Credit unions in conjunction with storefront payday loan will be the first financial institutions offices to offer loans pitched as “advances in Canada to offer remote deposit on direct-deposit paychecks.” capture — the ability for members “At first glance, the loans do not seem like a typical payday loan. to use the camera in their mobile Instead, banks typically allow a customer to borrow the money device to against a checking account. When the loan payment is due, the snap an bank automatically withdraws the amount of the loan with image of the check they want to and interest that averages 225 to 300 percent.” deposit use their mobile banking app to deposit the item electronically. But the practice has been exposed, and the bad publicity is in full Deposit Anywhere is Central 1’s swing. So once again, banks get the black eye and we get the branded mobile deposit service. white hats. To use the new feature, Read about all of this in the May issue of the AIL Blue Paper. members log in to their mobile It’s titled “Ba n k s Ha v e Gi v e n Cr e d i t Un i o n s banking app with their smartphone A Ta i l o r -Ma d e Op p o r t u n i t y To Sh o w Ho w or mobile device, take pictures of the Much Be t t e r We Ar e .” ◆ front and back of the check, select the account into which they would For your complimentary copy, just contact your AIL representative or call the like to deposit the funds, enter the AIL Credit Union Center at 800-278-6661. continued on page 2

Published as a public service by the Credit Union Center of American Income Life Insurance Company, P.O. Box 2608, Waco, TX 76797. Call The Credit Union Center Hotline at 1-800-278-6661 with suggestions, questions and requests. Visit our website at: www.ailife.com 2 • May 2013 • Credit Union Lines

CU Trends and Topics continued from front page details, and send the information to their credit union. Deposit Anywhere will be broadly available for credit Once received, the money is deposited immediately into unions to begin implementation this June. their account and a confirmation number is sent to them. “We are constantly developing new, innovative ways Starting on April 17, members of Westminster Savings for credit unions to meet the changing needs of their can use Deposit Anywhere when they download the free members,” said Oscar van der Meer, Chief Technology Westminster Savings mobile banking app. Meridian and Officer at Central 1. “We help them keep in the lead of Affinity credit unions plan to launch the feature in May. the rapidly developing market.”◆

Ce n t r a l 1 La u n c h e s Ca m p a i g n t o Ge t British Co l um b i a n s t o Sw i t c h Central 1 has just launched Get Your Share, a social to the first 5,000 new members who sign up through the media-driven promotion on behalf of the Credit Unions Get Your Share promotion. These new members can also of B.C. The campaign is designed to encourage British share the promotion on Facebook and be eligible for Columbians to switch to a credit union. the member-only $20,000 grand prize draw, which will Starting Thursday, April 4, when British Columbians be deposited to the over the age of 19 open an account at a B.C. credit union winner’s credit union through Get Your Share, they will receive 10 gifts over the account of choice. course of five days — five gifts to keep and five to share Existing members with Facebook friends. The gifts range from $5 to $250 are also encouraged to spend at retailers — such as Amazon.ca, Starbucks, to participate in the promotion. For every friend iTunes, and Mountain they share the promotion with on Facebook, they Equipment Co-op — will be rewarded with an entry into the member-only and are being awarded $20,000 draw. ◆

Serving the Community CU Fu n d i n g En a b l e s CEOs — Coast Capital’s Tracy Redies, i n g l e o t h e r s u p p o r t S M S ’s Tamara Vrooman, and First Pr o g r a m t o Ex p a n d West’s — who decided The YWCA Metro is to pool resources to ensure that much- expanding its Single Mothers’ Support needed services are available to more Program to five new communities, single mothers in Metro Vancouver thanks to a $450,000 investment from and the . three B.C. credit unions. “I am inspired by the generosity of The program works to ensure the three credit unions and the exceptional women who that women parenting alone are lead them,” said Janet Austin, CEO, YWCA Metro able to achieve personal and Vancouver. “They show us economic independence. The funding from Coast Capital the true meaning of coopera- Savings, Vancity, and , a division of tion, and they demonstrate , will allow that it is possible for support groups to be established in competitors to collaborate Surrey, Port Coquitlam, Aldegrove, to drive positive social Maple Ridge, and Abbotsford. change. With their support, Previously, single mothers had the YWCA can create the to travel to Vancouver to take conditions for many single advantage of the service. mothers to build better The YWCA program expansion futures for themselves is the result of the vision of three female credit union and their children. ”◆

Published as a public service by the Credit Union Center of American Income Life Insurance Company, P.O. Box 2608, Waco, TX 76797. Call The Credit Union Center Hotline at 1-800-278-6661 with suggestions, questions and requests. Visit our website at: www.ailife.com