Meet Life's Milestones

Credit unions promote the concept of “once a member, always a member.” This idea develops the concept of a national credit union network to actively move credit union members to credit unions in their new geographic area. The product will include a database of credit unions and eligibility requirements and branch addresses, along with a seamless switch kit to move savings products to the new institution with ease.

Launched in August of 2006, the site walks the employee and the member who is relocating through a series of simple questions designed to arrive at a short list of full-service, conveniently located credit unions that the member is eligible to join.

According to the Federal Trade Commission, funerals are among the most expensive purchases many consumers will ever make, perhaps the third-largest lifetime purchase after a home and car. But they don’t have to be so expensive! Choice Endings assists members with funeral planning through education, Totten Trust/Payable on Death Accounts tied to a document spelling out the members’ final wishes, and affordable insurance. Please check back later for more details on this idea as they develop.

Decision Point is a service credit unions can offer to help their members who are dealing with the burden of caring for aging parents or loved ones. Often one of the most difficult parts of helping a parent or loved one is helping them manage their finances at various stages of their aging process. This could involve just helping with financial planning and taxes all the way through taking complete control of their finances.

The wedding registry market continues to grow each year with nearly $18 billion spent on wedding gifts in the United States through these various registries. Research has indicated that cash gifts are the most desired gifts by couples. There remains, however, stigma in asking for cash from friends and relatives. The MatriMoney account provides a more elegant way for engaged couples to request cash consistent with wedding registries at retail stores. Click here and scroll down the page for more information on credit unions promoting the MatriMoney account concept.

The Sandwich Generation Recipe focuses on providing online educational resources for the Sandwich Generation, which is those caring for aging parents while supporting children or grandchildren. The “recipe” will provide an online single point of contact or entry to assist members with financial options to assist them with the challenge of dealing with their elderly parents’ needs, while struggling to save for their own retirement and their children’s future. Please check back later for more details on this idea as they develop.

Single Again targets newly divorced or widowed credit union members and their needs in handling their finances. The solution features Web site content designed to be a complete source of information for a newly single member. It includes checklists for next steps in the event of divorce and death, account separation information, loan modification assistance, FAQs, and other local useful links that can be customized by individual credit unions.

It is designed to fill a void that has been looming for many years while at the same time strengthening the relationship between the member and the credit union.

The Big Idea’s goal to help credit union members turn their dreams of small business ownership into reality. Changing demographics in small business ownership have created new opportunities for credit unions. More and more people who are nearing retirement age are starting their own businesses. Others would if they had the resources to do so. The Big Idea will provide a business readiness tool to help members get their ideas off to a good start. On July 1, 2008 Wright-Patt Credit Union, OH, released this press release about the first winner of their recent “Big Idea” Challenge. Also, Mazuma CU, Kansas City, MO has also announced a winner of their challenge. Click here to read all about it.

On August 15, 2008, i³ member Tim Mislansky led a webinar discussing the Big Idea project. Click here to listen and follow along.