Credit Union Unveils Alternative Checking Account for U.S. Utility and Energy Employees

Utilities Employees Credit Union, the billion dollar virtual credit union that serves the U.S. utility industry, has unveiled a new payroll spending account that provides utility workers and families with a low-cost alternative to traditional checking accounts.

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UECU’s MyPay™ Account offers utility workers a payroll spending account with all the benefits of a VISA® check card, for those who previously had difficulty obtaining a checking account.

Wyomissing, PA (PRWEB) November 20, 2012

Utilities Employees Credit Union (UECU), a virtual credit union serving the U.S. utility and energy industry nationwide has launched a new product for individuals who are seeking a convenient debit and checking alternative. MyPay™ is a payroll spending account for utility workers and their family members who want a convenient, secure way to access their paycheck for cash and debit purchases.

“The MyPay™ Account provides a simple spending account with all the benefits of a VISA® check card for our members who may have had difficulty obtaining a checking account somewhere, due to past financial challenges,” says Jane Kennedy, Marketing & Business Development Manager for UECU. “UECU can provide these individuals with a financial solution at a lower service cost and with greater security than they may have found elsewhere in alternative payroll spending options.”

Rather than serving as a traditional paper check-writing account, the MyPay™ Account enables UECU members to use payroll funds to make purchases and access ATM cash using the UECU Advantages VISA Check Card™. UECU’s check card comes with free protections including fraud and personal identity theft coverage and zero liability for unauthorized use. Members can also earn free reward points for their signature-based card purchases, which are good toward cash back, gift certificates and other financial rewards. Members can fund their MyPay™ Account through direct deposit or a payroll deduction from their salary and/or government benefits that are electronically deposited in the account.

“MyPay™ provides an essential financial solution – both to utility workers who are seeking a low-cost alternative checking option – and to utility employers who would like to connect their unbanked or under-banked employees with a secure, easily-accessible account where they can electronically deposit their paycheck,” says Kennedy.

UECU also offers a variety of traditional checking accounts, including free checking options, interest-bearing checking accounts, and age-specific checking accounts for youth or members age 50 and above. Utility workers and their family members who would like to learn more about UECU or about the MyPay™ Account, which includes a $12 monthly service fee, may call 800-288-6423 or visit http://www.uecu.org. Utility companies interested in obtaining this and other financial benefits for their employees may visit benefits.uecu.org.

About Utilities Employees Credit Union
Utilities Employees Credit Union is a nationwide, virtual credit union providing financial services to utility and energy workers and their families since 1934. Its membership includes the employees of 600 companies and members of Energy People Connect, an association for individuals currently employed or pursuing employment in the energy industry. UECU is among the less than one percent of U.S. credit unions to consistently receive the A+ “Excellent” Weiss Rating for financial soundness and one of the few financial institutions to reward its members with a year-end bonus dividend, which last year totaled $1.2 million.

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Contact

  • Jane Kennedy
    Utilities Employees Credit Union
    610-927-4010
    Email
  • Amanda Yeager
    Utilities Employees Credit Union
    610-898-7518
    Email