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Internet Credit Union

iafcu.org

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Re: Internet Credit Union

#21

Post by VandyILL »

zacharycohn wrote: post #8
VandyILL wrote: post #2

Interesting idea, but without a physical locatiin I wonder if they'll be able to compete with the online products people would expect from an online bank. Also, usually credit unions are linked to a small commub you etc & help finance things in that community. Is there going to be a specific focus for this bank?

... yes. The Internet Community is their chosen focus...

Yeah, but what specifically are they going to do to help the "internet community."

Is it giving low costs loans to people who want to start businesses that happen to use the internet, or is it going to give loans to businesses that help facilitate internet infrastructure.

The website made it look like they'll give a low interest loan to anyone who simply uses the internet & the only reason that condition seems to be there is because you have to use the internet to get to the credit union. More likely just low cost loans to whoever is a member of the Internet Credit Union. Doesn't really seem to have any cooperative aspect to it about promoting the internet as a community.

Re: Internet Credit Union

#22

Post by wiredfool »

bankIsSketch wrote: post #6

Why is this here? There are other credit unions. This 'bank' is running on Wordpress - 3.5.1 from what I can tell [0]. Isn't that vulnerable [1]? The customer login page takes you somewhere else [2] - seems sketchy. I can't find any information about their interest rates - why should I put my money with them? [0] https://iafcu.org/wp-admin [1] http://codex.wordpress.org/Version_3.5.2 [2] https://obc.itsme247.com/237/…

Most banks/credit unions that aren't giant or don't have old legacy systems tend to use outsourced core software from one of a few vendors, like Jack Henry or FiServ. Banks/CUs can outsource their Internet banking for roughly $1/ account per month for a hosted solution.

Re: Internet Credit Union

#23

Post by InternetCU »

Hi folks so I am Jordan CEO of Internet Archive FCU. Just wanted to know I hear ya. Will put up interest rates by Monday but honestly because they are so low does that really make the difference for you? We are more about offering things like free accounts to those that can't afford and helping the community both local and on the Net. As I said in my blog do you really want to put your money in the same banks that brought the whole system down in the first place? So if not us find any Credit Union near you. But please please keep the comments coming! Its weird to be called "sketchy" so really want to know what we can do to be more real to all of you. Best...Jordan

Re: Internet Credit Union

#24

Post by gee_totes »

InternetCU wrote: post #23

Hi folks so I am Jordan CEO of Internet Archive FCU. Just wanted to know I hear ya. Will put up interest rates by Monday but honestly because they are so low does that really make the difference for you? We are more about offering things like free accounts to those that can't afford and helping the community both local and on the Net. As I said in my blog do you really want to put your money in the same banks that br…

Why isn't IAFCU part of CU Service Centers? That seems like a way to open it up to more members.

Re: Internet Credit Union

#25

Post by jdeibele »

jawns wrote: post #15
T-A wrote: post #9

https://iafcu.org/special-posts/membership/ "Persons who live, work, worship, attend school, or participate in associations headquartered in New Brunswick or Highland Park, New Jersey" Am I misunderstanding what this means, or are they saying you have to live there in order to be a member?

I looked into the feasibility of starting a web-based credit union a few years ago and I discovered that federal regulations require credit unions to serve some distinct community -- whether it be a physical community (like a town) or an affinity community (like an alumni association). This makes it more difficult to establish an open-to-everyone web-based credit union; you basically have to have some sort of online…

Or it goes to the CEO. Locally the head of OnPoint - formerly Portland Teachers Credit Union - makes $2 million a year.

http://www.oregoncreditunionfacts.com/wp-content/uploads/OnP...

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