AUSTIN, Texas (9/12/13)--To simplify gift giving for life's major events, A+FCU, based in Austin, Texas, has introduced three new registry accounts online: myGrad, myWedding and myBaby.
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The registries provide a convenient, secure way for friends and family to give monetary gifts, said the more than $1 billion asset credit union, which also provides members with focused, financial education worksheets and resources for each life event.
Gift registries have evolved since 1924, when Marshall Field's Chicago Department Store introduced its bridal registry. Today it is common for couples to sign up for multi-purpose registries to select items from multiple retailers or for honeymoon registries.
Several credit unions have offered wedding gift registries in the past. In 2006, the Filene Research Institute examined how wedding gift registries could solidify the relationship between couples and their credit union, and reported on credit unions with wedding and newlywed gift registry programs (News Now April 21, 2006).
In 2006, Mountain America FCU, West Jordan, Utah, began its program, which in two years had more than $400,000 in deposits and $700,000 in loans, and the Texas (now Cornerstone) Credit Union League touted gift-giving programs as a way to attract younger members to credit unions (News Now July 2, 2008).
In 2009, Water and Power Community CU, Los Angeles, began offering wedding registry savings accounts tied to financial management classes (News Now May 27, 2009).
A+FCU's registries go a step further, giving registrants the opportunity to receive monetary gifts to use as needed, whether helping furnish a nursery, footing the bill for a honeymoon or saving for college expenses. The registries accept both debit and credit cards.
"These unique products allow us to better serve our members and ensure that we are providing them with relevant financial solutions throughout their lives," said A+FCU CEO Kerry A.S. Parker.