PLEASANTON, Calif.–Patelco Credit Union has introduced a checking product it said is aimed at helping members take small steps to improve their financial well-
being.
Among the unique features: the new Plus Checking also offers automatic round-up of savings with a bonus 10% match. On all purchases made on a Patelco debit card, the credit union is rounding up to the nearest dollar and transferring that amount into a Patelco savings account. In addition, Patelco is also matching 10% of the rounded-up amount and depositing that into the same account.
Plus Checking was launched partially in response to research showing 40% of Americans lack even $400 in savings to cover an emergency response, the credit union said. “Plus Checking completely reimagines the role of a checking account by offering members solutions for dealing with challenging yet common financial emergencies, including identity theft, unforeseen car trouble, and cell phone damage,” Patelco said.
The new product has a $6.95 monthly fee and no minimum balance requirement. According to Patelco, the total value of services provided is $642 per year.
Additional Benefits
Additional product benefits include:
* Identity Theft Protection, including coverage for the entire family; online ID vault for sensitive information, documents, and passwords; fully managed ID Restoration Pro for the entire family to discover, isolate, and prevent future fraud; up to $10,000 a year of theft insurance to help cover charges accrued due to the theft (e.g. lawyer’s fees, lost wages); monitoring of public records, the internet and dark web, payday loans and other places member information doesn’t belong.
* Worldwide ATM Fee Rebates. Account-holders can use any ATM worldwide and automatically be reimbursed for ATM cash fees by the end of the day, up to two reimbursements per month.
* Credit Monitoring. The product offers free credit monitoring across all three bureaus; free quarterly credit report and credit score; automated alerts if anything on the credit profile changes.
* Exclusive Discounts. Available are local and national discounts on dining, entertainment, travel, health, and shopping at thousands of merchants and stores, like Target and Walgreens. The Patelco Plus Benefits app uses geolocation to deliver the discounts nearest to the member, the CU said.
* Roadside Assistance, including 24/7 roadside assistance including flat tire assistance, towing, battery service, lock-out assistance and more.
* Cell Phone Protection. The account offers to fix a damaged phone or replace a stolen one and overs up to three phones, up to $400 per claim.
Mission of Credit Union
“It’s Patelco’s mission to support our members at every step of the way,” said Erin Mendez, CEO of Patelco Credit Union. “That’s why we are introducing Plus Checking, a powerful checking product that provides a holistic suite of benefits meant to positively affect and protect members’ lifelong financial well-being. We know small steps can change your future – we see it happen every day – and Plus Checking puts this philosophy into practice.”
More information on the product can be found here: www.patelco.org/pluschecking