Products and Services

This section should identify the financial services needed by potential members and the services that are planned for the credit union. Based on the results of the membership surveys and available capital and funding, identify the products (such as loans and shares) and services (such as money orders, wire transfers, notary service, debit/ATM cards) to be offered in the first two years and the timing of when they will be made available (upon opening, within 6 or 12 months, end of Year 1 or 2). The offering of products and services at the commencement of operations should be based on what is realistically possible for a newly chartered federal credit union with possibly limited income capacity and resources.

Discuss in detail the terms, conditions, and use of third-party vendors for products or services offered in the first two years. Discuss the due diligence review performed for each vendor and state why the vendor was selected. Obtain written proposals from the vendors with the costs (flat fees and per transaction costs) to use their services. This section should also discuss the per transaction and aggregate maximum dollar limitations placed on each product and service. A summary table like the example below should be incorporated into the business plan.

Summary of Products and Services

Product/Service	Start Date	Terms	Individual and Aggregate Limits	Third-Party Vendors
Regular Shares	Immediate	0.25% Dividend paid quarterly	Individual $250,000 or insured limit Aggregate - None	None
Direct Deposit	6 Months	Free	None	ABC Corporate Credit Union
Share Drafts	See Benchmark	0.0% Dividend See Fee Schedule	None	ABC Corporate Credit Union
New Auto Loans	See Benchmark	Rate = Average of 5 CU Competitors 60 Month Maximum Maturity	Individual $5,000 Aggregate the lesser of $500,000 or 40 percent of total loans.	None

 

Last updated on March 30, 2026