ORNL FCU 75 Years
Premiering that year, the Cheque Mate Visa debit/ ATM card permitted members to access their checking accounts anywhere in the world wherever Visa was accepted. ORNL Federal Credit Union was among the first to offer this service in the local area. In its first six months, nearly eight thousand members were already using Cheque Mate, making it one of the credit union’s most popular offerings. ATM access also expanded with the addition of the GulfNet network.
OUR OWN WORDS When you’re a bank for profit, your primary interest is your shareholders. Here at the credit union, our shareholders are the same people we lend money to. We work for THEM. That relationship is very important. LATANYA UPTON East Knoxville Branch Manager
ORNL Federal Credit Union continued its support of activities, events, and organizations that helped improve the lives of its members and their families. Throughout the year, it expanded its already well established partnerships with local schools and youth sportsteams and supported fundraising efforts for the United Way, March of Dimes, and other local charities.
In 1995, the credit union’s performance was punctuated by its first-ever bonus dividend for all main share accounts. Membership increased by over 9 percent to more than 57,400 members. To better serve this growing membership, a new 8,500 square-foot West Knoxville branch opened in this fast-developing part of Knox County. A newly developed Direct Lending Program was established with local car and boat dealers to help arrange ORNL FCU financing on the spot at participating dealerships. Pre-approved home loans were also offered, and the Home Equity Line of Credit (HELOC) program was expanded. The credit union also provided support for Habitat for Humanity of Anderson County, assisting the organization in obtaining a $25,000 federal grant through the Federal Home Loan Bank Board to construct affordable housing for low-income families in the area. ORNL Federal Credit Union entered the digital age in 1996 with the launch of its website, ornlfcu.com. There, both members and potential members could check loan rates, apply for a loan, and learn about products and services. Assets grew to $424.2 million, with membership climbing to more than sixty-one thousand. A new 4,000 square-foot branch in Karns opened, and new drive-up ATMs were installed at the Oak Ridge branch. That year, trouble began brewing for credit unions nationwide when individual banks and their trade associations, the American Bankers Association and the Independent Bankers Association, challenged the legality of multi-group credit unions, arguing the Federal Credit Union Act of 1934 did not permit expansions of membership beyond their original employer or business. Individual credit unions along with the NCUA successfully fought back these bank challenges through the years. But by
1989-1997 CHALLENGES & REWARDS | 49
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