Business View Magazine | December 2020

187 BUSINESS VIEW MAGAZINE DECEMBER 2020 UT I L I T I ES EMPLOYEES CREDI T UNION is able to maintain low operating expenses, which allows them to return their profits back to members via low fees, competitive deposit and loan rates, and extra perks like nationwide ATM surcharge rebates and debit and credit card rewards. It also allows them to make investments in their IT infrastructure. “Many of our members travel coast-to-coast to keep our communities connected, powered and safe,” explains UECU President & CEO Bret Krevolin. “Our members don’t have to travel to a branch because they can access their credit union at home or on the road with our virtual services.” With UECU’s online and mobile banking options, members can access their credit union accounts, pay their bills, make transfers, deposit checks, apply for a loan, redeem their rewards points, access card controls, and set up account alerts. Krevolin adds, “And when members have a question or need some help, our dedicated member services representatives and financial services consultants can assist them over the phone or via live chat.” UECU was originally formed as a way for gas and electrical employees to save and borrow from their collective financial resources. It initially served employees from the east coast who worked for public utilities owned by the Associated Gas & Electric holding company, but gradually grew into a full-service credit union for utility and energy industry employees from across the United States. Following its 2017 merger with ClearChoice Federal Credit Union, UECU expanded its charter to include those who live, work, worship, or attend school in the Greater Reading, Pennsylvania area as well. Today, UECU serves 47,000 members and over 550 partner companies from a variety of utility companies including gas, electric, water, renewable, municipal and communications. Their current asset size is $1.34 billion. “For a credit union, it’s relatively large,” says Krevolin. “We have a very strong capital base with about 15 per cent capital. Unlike a bank, UECU is owned by its members, so its decisions are always made with members’ Executive Team