Patelcorp and SaveDaily Launch New Mass Market Investment Service for Credit Unions

PLEASANTON, Calif., June 7, 2011 /PRNewswire/ -- Patelco Credit Union's investment and insurance subsidiary, Patelcorp Inc., is launching a new investment savings product in partnership with SaveDaily that will allow credit unions to make investing both easy and affordable to their credit union members.  Called InvestDaily, the new product allows members to invest as little as $5 at a time automatically into a select list of mutual funds.  Patelco Credit Union is the first credit union to offer this service.

Through InvestDaily, members are able to designate the amount and frequency of their investments, which are then deducted from any number of accounts they choose—either accounts within the credit union or elsewhere.  Unlike many other investments, there is no penalty to redeem the shares, and the monthly fees are minimal—$5.95 per month.

Another feature of InvestDaily is its registration process which requires the completion of "suitability" questions to help determine the member's risk tolerance and investment goals.  Since investments in mutual funds expose members to fluctuations in the stock market, this important tool helps them determine how they feel about their ability to withstand these fluctuations.

"InvestDaily is not only easy for members to set up and use, it's equally easy for credit unions to make available to their membership by simply adding a few inexpensive features to their online banking site," says Scott Waite, senior vice president and chief financial officer for Patelco and chief executive officer of Patelcorp.  "The rest is literally automatic."

"It is truly a mass market solution," Waite continues. "Until now, many members have felt that they were locked out of investing in mutual funds because of perceived high minimums.  The InvestDaily solution opens up the opportunity for everyone to earn a better return on their money and bridge the retirement income gap.  It's also a great way for young investors to start building their savings for that first home or auto purchase."

InvestDaily is a partnership between Patelcorp and SaveDaily, a 10-year-old Orange County, California-based company that was founded to provide people of all income levels the information and tools necessary to invest and self-manage their short- and long-term savings goals. Through this partnership,  Patelcorp will help promote the SaveDaily platform to other credit unions.

Credit union representatives who are interested in learning more about InvestDaily or offering this new service to their membership should contact Mark Hoaglin, vice president of investment and insurance services at Patelco Credit Union.

About Patelco Credit Union

Patelco Credit Union ranks among the largest credit unions in the nation and is the fifth largest in California, with more than $3.6 billion in assets and 270,000 members nationwide.  Throughout its 75-year history, it has helped its members and their communities prosper through volunteer initiatives and personalized service that focuses on transparency, simplicity in banking, and garnering trust.  Patelco is a federally insured, not-for-profit, full-service credit union that offers the same types of products as large banks.  Membership in Patelco is free and open to everyone. 

SOURCE Patelco Credit Union