Pennsylvania State Employees Credit Union is First to Add Free FICO Credit Scores to Online Banking

In what I hope is the beginning of a trend, Pennsylvania State Employees Credit Union (PSECU) is offering free FICO credit scores to its online banking customers. The CU says more than 200,000 members are eligible to receive free scores.

Although, Wamu and HSBC (note 1) both offer free scores for their respective credit card customers, PSECU is the first financial institution to offer scores to checking account customers within the online banking area.

There is no charge for the service, but members must enroll to participate. A new score will be posted online each month in the online banking area. Members also have the option to receive alerts when their scores are updated.

The service is powered by Fair Isaac’s MyFICO service. According its press released today, the company is talking with other financial institutions about participating in the Scores on Statements program. Currently, 1.5 million consumers have access to free credit scores through the service.

Bottom line: Without knowing the financial arrangements, it’s impossible to estimate the ROI. But credit scores have real value to consumers and any financial institution providing them for free is likely to improve its standing. It’s also possible that a free credit score service could be a profit center if fee-based credit report monitoring options are marketed to enrollees of the free service (note 2).

ING Direct 4.35% APY Online Money Market

ING Direct is one of the pioneers in high-interest Internet banking. Their rates aren’t as competitive as before, offering only 4.35% APY on�their Orange�Savings Account�while others are offering 5.00%+.

Nevertheless, they have one of the best online bankng websites that is very easy to use. I have had an account with ING Direct for years now.

The Federal Deposit Insurance Corporation insures ING Direct’s deposits. Currently headed up by Arkadi Kuhlmann, ING Direct’s President and CEO, the bank has more than 4 1/2 million customers in the United States and more than 15 million customers globally - customers from Australia, Austria, Canada, France, Germany, Italy and the United Kingdom rely on the services offered by ING Direct.

ING Direct offers personal savings account options, personal checking account options and certificates of deposit. Also, business savings accounts and certificate deposits are available through ING Direct. Meanwhile, investors can open a Roth account or an IRA, open an investment account, and loans are available. Accounts can be opened online and some accounts can be started via the mail