Lake Trust Credit Union announces participation in FedNow® Service
The 2.6 billion dollar Michigan-based credit union becomes the latest to utilize this technology, easing the process of receiving payments for its members
BRIGHTON, MI (September 25, 2024) — Lake Trust Credit Union (Lake Trust), a community-based credit union serving nearly 200,000 members and businesses throughout Michigan, has announced its participation as an early adopter of FedNow® Service, a new instant payment infrastructure curated by the Federal Reserve.
“At Lake Trust, we are always looking for ways to evolve our member experience through the implementation of new technologies and resources,” said David Snodgrass, president and CEO at Lake Trust. “Technology within our industry is constantly and rapidly changing. By adopting services such as FedNow®, Lake Trust is continuing to use innovative technology to support members on their journey toward financial wellbeing.”
Launched in July 2023, FedNow® allows financial institutions of all sizes, including credit unions, across the country to provide instantaneous payment services. Lake Trust is amongst the first 15% of financial institutions to adopt the program and one of few based in Michigan.
For more information, visit laketrust.org.
About Lake Trust Credit Union
Lake Trust Credit Union strives to support its members, team members and communities in their journey toward wellbeing. Lake Trust understands that harnessing the power in all of us is key to building stronger communities and helping Michiganders reach their goals. Lake Trust currently serves nearly 200,000 members—including both individuals and business owners—and has branches in more than 20 cities, towns and villages throughout the state. To learn more, visit Lake Trust at www.laketrust.org.
About FedNow®
FedNow® is a brand new instant payment infrastructure developed by the Federal Reserve to allow financial institutions and organizations, big and small across the United States, to provide instant payment services. For more information on FedNow® and its services, visit https://www.frbservices.org/financial-services/fednow/about.html.
