2002 Press Releases

More Than 600 Credit Unions Now Offering MEMBERS FOLIO Investing℠

07/30/2002

VIENNA, Virginia and MADISON, Wisconsin – FOLIOfn, Inc. announced today that the MEMBERS FOLIO Investing℠ program has quickly hit another important milestone—more than 600 credit unions now offer the value-added service. This service allows credit union members to easily and affordably buy individual securities, as well as entire baskets of securities, in one transaction.

MEMBERS FOLIO Investing is offered through a partnership between FOLIOfn Investments, Inc. and the CUNA Mutual Group, the world’s leading credit union financial services provider. The investment service was brought to CUNA Mutual by MEMBERS Development Company, LLC, an alliance of credit unions and their service organizations.

“More and more credit unions are realizing the value of this service to their members,” says John Henry, CEO of MEMBERS Development Company, and senior vice president of sales and marketing for CUNA Mutual. “As online initiatives become of greater importance to the credit union in attracting and maintaining customers, MEMBERS FOLIO Investing continues to be at the forefront of their consideration for a low-cost, easy to use brokerage for their members.”

Credit unions that offer the service include Navy Federal Credit Union, the largest credit union in the world, and range from Coast Central Credit Union in California to Service Credit Union, which serves the greater New England area. Many credit unions are initiating multi-channel marketing programs to make their members aware of the service.

“Our members are excited about MEMBERS FOLIO Investing because it is such a wonderful value and its so easy for even a beginning investor can get started,” states Jeffrey Stewart, Manager of Atlantic States Financial LLC, located at Coastal Federal Credit Union. “The best part is, there are no minimums to invest and no inactivity fees. And the $2.95 buys and sells allow them to affordably start building a diversified portfolio.”

Members can now choose a new pricing plan: For just $14.95—the price of a single trade at some other brokerages—members can open an account and make unlimited commission-free window trades per month. Members can select other pricing plans as well, including a popular one that allows the buying and selling of securities for just $2.95—or make automatic, recurring investments for just $1.95—in our twice-daily windows. Members can also make trades that go directly to the market for $14.95. Regardless of the strategy they choose, members can invest in any dollar amount and there is no minimum investment to get started.

“Other services cannot match the benefits of MEMBERS FOLIO Investing,” says Steve Wallman, founder and CEO of FOLIOfn, Inc. “Some companies tout low commissions but they charge more if you sell securities. And some only let you trade once a week instead of twice daily,” he adds. “We offer by far the most comprehensive service, and we’ll continue to enhance it. We spend a lot of time working with our customers, listening to what they think and how we can improve our service.”

MEMBERS FOLIO Investing Features

  • Members can choose transactional pricing. Unlike some brokerage options, with MEMBERS FOLIO Investing both buys and sells are just $2.95. Automatic recurring investments are just $1.95.
  • Members can also choose a flat fee. For just $14.95 a month, members can open an account and create a FOLIO of up to 50 stocks. They can make unlimited commission-free trades.
  • Credit union members can buy entire baskets—or FOLIOs—of stocks with one click of the mouse.
  • Investors can also buy individual ETFs, REITs and closed-end bond funds, as well as baskets of those securities.
  • No matter what pricing plan they choose, customers can trade in the twice-daily windows. Where possible, investor trades are matched between the bid/ask spread, resulting in execution prices better than if the customer went direct to the market.

FOLIOfn offers it services on both a full-service basis and technology licensed basis. Firms such as Brinker Capital, Quick & Reilly, and more than 500 credit unions have applications using FOLIOfn technology.

About MEMBERS Development, CUNA Mutual

MEMBERS Development Co., is a credit union/CUNA Mutual jointly owned, credit union controlled, development company dedicated to identifying and providing high-value products and services to credit union members. The CUNA Mutual Group is the leading financial services provider to credit unions and their members worldwide, offering insurance, investment and technological solutions through strategic relationships and modern service channels.

About Folio Investing

Folio Investing, a division of FOLIOfn Investments, Inc., is an online brokerage that enables investors to manage stocks, ETFs, and mutual funds as integrated investment portfolios called “Folios” that deliver better control, greater transparency, and lower cost. Investors can create their own Folios, much like creating personalized ETFs or mutual funds, or invest in over 100 Ready-to-Go Folios representing market indices, sectors, geographical regions, target dates, and more. The Folio Unlimited Plan features unlimited commission-free trading in twice-daily windows for only $29 a month or $290 a year. Ready-to-Go Folios can be managed or unmanaged, are not registered investment companies, and are offered by FOLIOfn Investments, Inc., a registered broker-dealer. FOLIOfn Investments, Inc. does not provide investment, tax, or legal advice. FOLIOfn Investments, Inc., is a member of FINRA/SIPC.