In the third quarter of 2015, the credit union’s fast-growing indirect loan operation had helped position the Ohio cooperative at No. 133 out of more than 5,600 institutions in the nation in loan-to-share ratio. Nearly three years later, Day Air’s ratio has moved closer to national average. Still, the credit union’s appetite for deposits remains. That’s partly why Day Air introduced it’s Best in the Miami Valley Certificate this year, which pays 2.75% APY on a three-year certificate and 3.05% on a five-year with a minimum deposit of $10,000.
Read: A Great Rate To Fill The Deposit Gap
Latino Community Credit Union needs a lot of deposits to fuel its loan operation. LCCU serves a generally low income membership that has limited savings and a big need for loans from a trustworthy financial partner. The 18-year-old credit union has responded with loan and deposit growth rates that both regularly exceed industry averages. Currently, that includes 1.55% for share certificates, 0.90% for money market accounts, and 0.20% for regular shares.
Read: High Rates, High Trust Nets High Returns For Latino Community Credit Union
Mark Fox joined Spokane Valley Credit Union as a teller in 1996. In 2015, he became the first vice president of payments for what’s now Numerica Credit Union. More than just the credit union’s name has changed over the years, however. Today, Numerica is a front-runner with Alexa as part of a comprehensive member service digital strategy that includes payments. As in: "Alexa, ask Numerica to transfer $10 from savings to checking."
Read: Alexa, How Does Numerica Do Payments?
For the past several years, financial institutions and merchants have worked to ensure the hardware and software behind card payments complied with EMV requirements. They’ve mailed new cards and installed new POS systems. At a high level, EMV was supposed to establish an interoperability of card payments between the United States and the rest of the world and reduce fraud at the point-of-sale. On both accounts, the rollout has been a success. At Visa, the rollout provided the promise of something more: contactless payments. Chicago’s mass transit system already accepts contactless payments, and New York, Boston, and Miami’s mass transit systems will accept contactless payments by 2019. What's next?
Read: What Will The Arrival Of Contactless Payments Bring?
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