HERNDON, Va.--(BUSINESS WIRE)--REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union, recently lead the charge to bring the credit union industry real estate escrow accounts. The Credit Union, which exclusively serves members of the National Association of REALTORS® (NAR), worked with the National Credit Union Administration (NCUA) to bring about change in legislation effective January 27, 2016. The credit union will offer these accounts on March 1, 2016, allowing eligible members the option to choose a share-insured account with no minimum balance or monthly service fees to house their clients’ earnest money deposits.
The account gives real estate brokers a choice in where to house clients’ earnest money deposits during the transaction process—an opportunity not available before the credit union lobbied the cause.
“Our mission is to deliver unique financial services that are integral to the financial success of our members. We know our members, and we’re passionate about finding solutions that allow us to meet all of their financial needs under one roof,” said Senior Vice President Victoria Gillespie. “This is a great win for our members and the credit union industry as a whole. We’re thankful that Congress, and our regulatory agency, NCUA, have provided the opportunity for credit union members to have access to this valuable service at their chosen financial institution.”
Real estate professionals often find many fees associated with these accounts at other financial institutions; the Credit Union’s real estate escrow account is free to open, and has no minimum balance or monthly maintenance fees.
“REALTORS® Federal Credit Union is a secure and innovative financial services provider, formed to serve the unique banking needs of Realtors®,” said National Association of REALTORS® President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “The option of a broker escrow account is just one more example of how REALTORS® Federal Credit Union is a world-class benefit for our members.”
About REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union
Originally founded in 2008 by the National Association of REALTORS®, REALTORS® Federal Credit Union was the first-ever virtual credit union. REALTORS® Federal Credit Union is a Division of Northwest Federal Credit Union, and is also a proud partner in NAR’s REALTOR Benefits® program. The Credit Union’s field of membership includes members and employees of NAR and their immediate family members, State and Local Associations/Boards of REALTORS® and their employees, Institutes, Societies, and Councils and their employees, and REALTOR®-owned Multiple Listing Services and businesses. For more information, visit www.REALTORSFCU.org, or connect with us on Facebook, Twitter or LinkedIn.
About Northwest Federal Credit Union
Northwest Federal Credit Union is a full-service financial institution ranking among the largest credit unions in Virginia and in the top 50 credit unions in the nation. Established in 1947 and headquartered in Herndon, Va., Northwest Federal is dedicated to providing financial services and education to its members and the community. The Credit Union currently serves more than 190,000 members and has assets in excess of $3.1 billion. For more information, visit www.nwfcu.org or connect with us on Facebook, Twitter or LinkedIn.