Stanford Federal Credit Union
Encyclopedia
Stanford Federal Credit Union (or Stanford FCU) is a federally chartered credit union
located in Palo Alto
, California
. It provides banking services to the Stanford
community. Stanford FCU has over $1 billion in assets and serves over 47,000 members (2010).
Stanford FCU is the third fastest growing credit union in California
by share growth.
employees on December 17, 1959. Its original field of membership was limited to employees of the university. The credit union opened in 1960 with $261 in deposits and established its first office in Encina Hall on Stanford University’s
campus.
In 1985, Stanford Federal Credit Union expanded its field of membership to include Stanford University
students and members and employees of the Palo Alto Chamber of Commerce. In 2004, the credit union opened its membership to members of the Friends of Palo Alto Libraries (FOPAL).
s in the late 1970s. In the early 1980s, it introduced ATMs
and banking by telephone
.
In November 1993, Stanford Federal Credit Union conducted its first four internet transactions; and in 1994, it became the first financial institution to offer online banking
when it launched its website; it offered online BillPay to its members in 1997, added account aggregation and mobile banking in 2002, and became one of the first institutions to implement the Passmark authentication system in 2005. In 2007, Stanford FCU joined the Allpoint
and CO-OP networks to provide its members with over 65,000 surcharge-free ATMs
worldwide.
The credit union’s field of membership also extends to the following:
(NCUA) as a federally insured credit union. It is led by a Board of Directors that is elected by the credit union’s members and serves without pay.
s.
Financial tools and services in the form of seminars, online calculators, and financial counseling are also available to both consumer and business members of the credit union.
The Next Generation of Personal Financial Management is here! MyMo will now be your CUOnline landing page. This comprehensive online tool, which you can access online or via your web-enabled cell phone, will give you the power to manage all your finances in one spot!
The credit union has four branch locations and maintains twenty-four ATMs
around the Stanford University
campus and Palo Alto
, California
. As a member of the Allpoint
and CO-OP Networks since 2007, Stanford Federal Credit Union also has access to over 65,000 additional surcharge-free ATMs
.
, Cardinal Services Corporation (CSC). The corporation focused on licensing software and supporting Internet development for businesses. Cardinal Services Corporation operated as a Credit Union Service Organization
(CUSO). CUSOs were established by the NCUA as a way for credit unions to conduct business that they would otherwise be restricted from.
A spin-off of Cardinal Services Corporation, Cyberbranch, was announced in April 2000 by Stanford Federal Credit Union, and replaced the CUSO. CyberBranch specializes in internet and intranet technologies designed for the financial services industry.
In June 2001, Canadian information technology
management and business process services company, CGI Group Inc.
acquired Cyberbranch for US$1 million.
education initiatives and participates in many of its community events.
In 2004, Stanford Federal Credit Union funded an endowed professorship within Stanford University’s
School of Humanities and Sciences.
Stanford Federal Credit Union has sponsored other organizations, including:
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
located in Palo Alto
Palo Alto, California
Palo Alto is a California charter city located in the northwest corner of Santa Clara County, in the San Francisco Bay Area of California, United States. The city shares its borders with East Palo Alto, Mountain View, Los Altos, Los Altos Hills, Stanford, Portola Valley, and Menlo Park. It is...
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. It provides banking services to the Stanford
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
community. Stanford FCU has over $1 billion in assets and serves over 47,000 members (2010).
Stanford FCU is the third fastest growing credit union in California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
by share growth.
History
Stanford Federal Credit Union was created by a group of Stanford UniversityStanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
employees on December 17, 1959. Its original field of membership was limited to employees of the university. The credit union opened in 1960 with $261 in deposits and established its first office in Encina Hall on Stanford University’s
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
campus.
In 1985, Stanford Federal Credit Union expanded its field of membership to include Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
students and members and employees of the Palo Alto Chamber of Commerce. In 2004, the credit union opened its membership to members of the Friends of Palo Alto Libraries (FOPAL).
Expansion of Services
The credit union became one of the first to offer checking accounts and credit cardCredit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
s in the late 1970s. In the early 1980s, it introduced ATMs
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
and banking by telephone
Telephone banking
Telephone banking is a service provided by a financial institution, which allows its customers to perform transactions over the telephone.Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability...
.
In November 1993, Stanford Federal Credit Union conducted its first four internet transactions; and in 1994, it became the first financial institution to offer online banking
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
when it launched its website; it offered online BillPay to its members in 1997, added account aggregation and mobile banking in 2002, and became one of the first institutions to implement the Passmark authentication system in 2005. In 2007, Stanford FCU joined the Allpoint
Allpoint
Allpoint is an interbank network in the United States connecting ATMs in all 50 states. It advertises itself as being "America's Largest Surcharge-Free ATM Network", with "1 in every 12 ATMs" being part of its network...
and CO-OP networks to provide its members with over 65,000 surcharge-free ATMs
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
worldwide.
Membership
Any member of the Stanford community may join Stanford Federal Credit Union, including students and employees of Stanford University, employees of Stanford Hospital, Lucile Packard Children’s Hospital, and Stanford Linear Accelerator Center.The credit union’s field of membership also extends to the following:
- Companies that are located on Stanford-owned lands
- Members, employees, and volunteers of the Palo Alto Chamber of Commerce
- Employees of member companies of the Palo Alto Chamber of Commerce
- Members, employees, and volunteers of the Friends of Palo Alto Libraries (FOPAL)
- Members, employees, and volunteers of the Museum of American Heritage (MOAH)
Organization
Stanford Federal Credit Union is chartered by the National Credit Union AdministrationNational Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA) as a federally insured credit union. It is led by a Board of Directors that is elected by the credit union’s members and serves without pay.
Products and services
Stanford Federal Credit Union offers a range of financial services, including consumer and business accounts and loanLoan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s.
Financial tools and services in the form of seminars, online calculators, and financial counseling are also available to both consumer and business members of the credit union.
The Next Generation of Personal Financial Management is here! MyMo will now be your CUOnline landing page. This comprehensive online tool, which you can access online or via your web-enabled cell phone, will give you the power to manage all your finances in one spot!
The credit union has four branch locations and maintains twenty-four ATMs
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
around the Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
campus and Palo Alto
Palo Alto, California
Palo Alto is a California charter city located in the northwest corner of Santa Clara County, in the San Francisco Bay Area of California, United States. The city shares its borders with East Palo Alto, Mountain View, Los Altos, Los Altos Hills, Stanford, Portola Valley, and Menlo Park. It is...
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. As a member of the Allpoint
Allpoint
Allpoint is an interbank network in the United States connecting ATMs in all 50 states. It advertises itself as being "America's Largest Surcharge-Free ATM Network", with "1 in every 12 ATMs" being part of its network...
and CO-OP Networks since 2007, Stanford Federal Credit Union also has access to over 65,000 additional surcharge-free ATMs
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
.
Subsidiary
In 1997, Stanford Federal Credit Union announced the creation of its wholly owned subsidiarySubsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
, Cardinal Services Corporation (CSC). The corporation focused on licensing software and supporting Internet development for businesses. Cardinal Services Corporation operated as a Credit Union Service Organization
Credit Union Service Organization
In United States federal law, a Credit Union Service Organization allows a credit union the ability to conduct business that they would otherwise be restricted from due to regulatory constraints. Most CUSOs are limited liability companies which also provide a measure of protection to the credit...
(CUSO). CUSOs were established by the NCUA as a way for credit unions to conduct business that they would otherwise be restricted from.
A spin-off of Cardinal Services Corporation, Cyberbranch, was announced in April 2000 by Stanford Federal Credit Union, and replaced the CUSO. CyberBranch specializes in internet and intranet technologies designed for the financial services industry.
In June 2001, Canadian information technology
Information technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
management and business process services company, CGI Group Inc.
CGI Group
CGI Group Inc. is an information technology management and business process services company. Founded in 1976 and headquartered in Montreal, Canada, CGI employs approximately 31,000 professionals in over 125 offices in 16 countries. As of September 2010, CGI had an annual revenue of CA $3.7...
acquired Cyberbranch for US$1 million.
Community involvement
Stanford Federal Credit Union is committed to being a responsible member of its community. Stanford FCU partners with local organizations, sponsoring and participating in local programs and events. The credit union supports Stanford University’sStanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
education initiatives and participates in many of its community events.
In 2004, Stanford Federal Credit Union funded an endowed professorship within Stanford University’s
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
School of Humanities and Sciences.
Stanford Federal Credit Union has sponsored other organizations, including:
- Lucile Packard Children’s Hospital
- Stanford Lively Arts
- Children’s Health Council
- Bechtel International Center Spouse Education Program
- Stanford Pow Wow
- Cantor Arts Center at Stanford University
- Stanford Athletics
- American Red CrossAmerican Red CrossThe American Red Cross , also known as the American National Red Cross, is a volunteer-led, humanitarian organization that provides emergency assistance, disaster relief and education inside the United States. It is the designated U.S...