(usings.us) In October 1994, Stanford Federal Credit Union became the first financial institution in the U.S. to offer internet banking to all of its customers.
Stanford Federal Credit Union (or Stanford FCU) is a federally chartered credit union located in Palo Alto, California. It provides banking services to the Stanford community. Stanford FCU has over $3.3 billion in assets and serves over 74,000 members. Stanford FCU is the third fastest growing credit union in California by share growth.
Stanford Federal Credit Union was created by a group of Stanford University employees on December 17, 1959. Its original field of membership was limited to employees of the university. The credit union opened in 1960 with $261 in deposits and established its first office in Encina Hall on Stanford University’s campus.
In 1985, Stanford Federal Credit Union expanded its field of membership to include Stanford University students and members and employees of the Palo Alto Chamber of Commerce. In 2004, the credit union opened its membership to members of the Friends of Palo Alto Libraries (FOPAL). Today, Stanford Federal Credit Union also serves numerous company partners, including Google, VMware, Facebook, Tesla, SAP and more.
The credit union became one of the first to offer checking accounts and credit cards in the late 1970s. In the early 1980s, it introduced ATMs and banking by telephone.
In November 1993, Stanford Federal Credit Union conducted its first four internet transactions; and in 1994, it became the first financial institution to offer online banking when it launched its website; it offered online BillPay to its members in 1997, added account aggregation and mobile banking in 2002, and became one of the first institutions to implement the Passmark authentication system in 2005. In 2007, Stanford FCU joined the CO-OP network to provide its members with over 30,000 surcharge-free ATMs worldwide.
According to gobankingrates.com and en.wikipedia