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  • Technology Credit Union Implements Expense Reductions With Technology–driven ‘Green’ Initiatives

    Tech CU is one of the first financial institutions in the country to offer electronic tax statements through online banking 

    San Jose, CA (February 9, 2009)—On January 31st, Technology Credit Union ushered in a new year and a new method of tax-statement delivery by sending out the first wave of its year-end tax statements electronically to members enrolled in the credit union’s eStatement Program. More than 31,405 members (more than 40 percent of total membership) have signed up to receive eStatements from Tech CU, one of the highest enrollment percentages in the industry. Now, the credit union is leading the way in helping to simplify the process of delivering and storing tax documentation by becoming one of the first financial institutions in the country to offer electronic tax statements as part of its online banking services.

    “For our members, the benefits are two-fold,” said Victor Smilgys, Assistant Vice President of e-Commerce for Tech CU.  “Members get the convenience of receiving statements quickly and easily through online banking and those statements are then stored online where members can readily access them anytime and anywhere if they should need them in the future.”

    Tech CU members who are enrolled in eStatements received their first electronic tax statements for 1099INT (earning $10 or more), 1099R, 1099 SA and 1098 (HELOCs only) last Friday. Tech CU says it will roll out additional statement groups (5498 for IRA contributions and 1098 for first mortgages) later in the year.

    The eTax Statement Program is part of the credit union’s overall green strategy, whereby Tech CU is instituting greener banking practices through new product and service launches, including wireless/mobile banking, remote deposit (in-branch) and paperless documentation for mortgage loans. By using more paperless documentation, Tech CU significantly cuts down on paper, fuel and energy waste due to storage and transportation, and saves significantly in costs associated with printing and mailing.

    “We’re able to use technology to help our members and employees ‘go green,’ without having to give up any the conveniences they’re accustomed to with their daily banking.” said Smilgys. “We’re able to improve their experience while still cutting our costs overall and that is extremely important in today’s economy. It’s a win-win situation for everyone.”

    Technology Credit Union is a full-service, financial institution serving individuals who work, live, go to school or regularly worship in Santa Clara, Alameda, Contra Costa, Santa Cruz, San Mateo and San Francisco counties. Tech CU was started in 1960 and is now among the top 1 percent of the nation’s largest credit unions. It is recognized as one of the best managed and strongest financial institutions in the country, as indicated by Tech CU’s 5-star rating from Bauer Financial, the nation’s largest independent rating service for banks and credit unions. With more than 78,000 members, over $1 billion in assets and 10 full-service branches around the Bay Area, Tech CU is a leader in the credit union industry.