Credit unions exist to meet the needs of their members, but as a small credit union, adding new products and services to meet those needs can sometimes be a balancing act. We need to strategically add the products and services that will strengthen the relationship with our current membership and attract new members.

There is much to be considered prior to adding a new product or service.

Considerations include:

• Is this product/service a good fit for the credit union’s membership?


• Does this product/service fit into the credit union’s overall vision?


• Is this product/service intended to simply be a service to the credit union’s membership or an income generator?


• Has the credit union conducted a cost benefit analysis to include implementation costs, ongoing costs, expected income, etc?


• Has the credit union identified and addressed the corresponding compliance issues, including adding new policies, amending existing policies, developing procedures, acquiring required disclosures, etc.?


• Will it be necessary to upgrade the current system to support the new product/service?


• Does the credit union have adequate staffing to handle the new service/product requirements?


• How will staff be trained on the new product/service procedures and compliance requirements?


• How will the credit union market the new product/service to the membership?


• What will be the impact on the credit union’s balance sheet?


• Has the credit union conducted a comprehensive Vendor Due Diligence?

To assist credit unions with some of the most common start up services, we have provided some resources and tools that have been shared by some of the vendors that offer these products and services.

It  is very important to remember that your credit union must always conduct their vendor due diligence before entering into any contracts and ensure that the new product or service is a good fit for your credit union.


Share Draft Program

Share Draft Presentation Packet (PDF)

Additional information on the Share Draft Program provided by Catalyst Corporate FCU can be found at www.catalystcorp.org/sdraft.aspx.


ACH Program

ACH Intercept Service Profile (PDF)

Additional information on the ACH Program provided by Catalyst Corporate FCU can be found at www.catalystcorp.org/ach.aspx.


Prepaid Card Program

Prepaid Reloadable Debit Cards
Prepaid Reloadable Debit Card Program Overview (Microsoft Word Document)

Visa Travel Money Card
Travel Card Program Overview (Microsoft Word Document)

Family Prepaid Debit Card
Family Prepaid Debit Card Overview (Microsoft Word Document)

Additional information on CU Money provided by ICUL Service Corporation can be found at www.iculsc.com/services/.