October 13, 2010

FCUs are using calculators

The personal finance calculators unveiledonCULookup.comin February are helping credit unions enhance member relationships, with more than 80 NAFCU member credit unions already using these tools on their websites as of May 3.

"When you send a member off to another website to find a calculator, the risk is that they will find what they need somewhere else," said David Frankil, president of NAFCU Services, which developed and maintains

"The calculators are a win-win," Frankil said. "They provide a value-added feature for credit union websites, which enhances member relationships, 'stickiness' and also directly reinforces the value proposition that credit unions bring to financial services."

NAFCU Services data show that some 70,000 calculations for more than 23,000 consumer-members have been facilitated so far via these calculators.

The calculators, 30 in all, are organized among five categories. They can be used to figure expenses of buying or refinancing a home, one's savings needs, retirement needs, credit costs and debt loads, costs of buying and leasing an automobile and more.

The calculators are free to NAFCU members and can be purchased by state-chartered credit unions for a modest fee, which also includes an enhanced listing. For details, visit or e-mail