First Tech Credit Union
Encyclopedia
First Tech Federal Credit Union (or First Tech) is a federally chartered credit union
headquartered in Palo Alto, California
. It is regulated under the authority of the National Credit Union Administration
(NCUA). First Tech has over 320,000 members, and over 4.7 billion dollars in assets with 39 branches located mostly in high technology business centers of California
, Colorado
, Oregon
, Washington and five other states and Puerto Rico
.
It was the first financial institution to offer telephone interactive voice response
access and online banking.
employees on January 14, 1952. In 1961, the name was changed to Tektronix Employees Federal Credit Union to reflect the credit union's membership. From very early on, technical innovation was used and resulted in First Tech's motto of "Think Forward". As early as 1976, the credit union began using computers for online data processing. By 1979, Tektronix Employees Federal Credit Union had begun the use of ATMs
. In 1985, the credit union unveiled Call 24 which allowed members to check balances and transfer funds by phone.
In 1986, the name changed to First Technology Credit Union and the membership opened to include employees in the technology industry of the Pacific Northwest. In 1989, First Technology Credit Union developed and implemented the first online banking
. This helped lead to the 1992 addition of Microsoft
to the First Technology membership. The 1995 launch of the company's website paved the way for the credit union to become the second financial institution in the world to perform secure internet transactions. Two years later, a decision was made to shorten the name to First Tech Credit Union. First Tech has remained an early adopter of new technology in the twenty first century, offering mobile banking
in 2000, account aggregation in 2001, and biometric two-factor authentication
in 2007. With over 156,000 members, and over 1.8 billion dollars in assets (2007), First Tech was one of the largest state chartered credit unions in the Pacific Northwest
.
In March 2010, the company announced it would merge with California based Addison Avenue Federal Credit Union, which serves the employees of Hewlett Packard Company, Agilent Technologies, CH2M Hill, and many other technology based companies, pending government and member approval. The deal was approved by the government and credit union members, and became effective on January 1, 2011, with the new entity named First Tech Federal Credit Union.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
headquartered in Palo Alto, California
Palo Alto, California
Palo Alto is a California charter city located in the northwest corner of Santa Clara County, in the San Francisco Bay Area of California, United States. The city shares its borders with East Palo Alto, Mountain View, Los Altos, Los Altos Hills, Stanford, Portola Valley, and Menlo Park. It is...
. It is regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA). First Tech has over 320,000 members, and over 4.7 billion dollars in assets with 39 branches located mostly in high technology business centers of California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...
, Oregon
Oregon
Oregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...
, Washington and five other states and Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
.
It was the first financial institution to offer telephone interactive voice response
Interactive voice response
Interactive voice response is a technology that allows a computer to interact with humans through the use of voice and DTMF keypad inputs....
access and online banking.
History
First Tech began its life as Tektronix Federal Credit Union, formed by seven TektronixTektronix
Tektronix, Inc. is an American company best known for its test and measurement equipment such as oscilloscopes, logic analyzers, and video and mobile test protocol equipment. In November 2007, Tektronix became a subsidiary of Danaher Corporation....
employees on January 14, 1952. In 1961, the name was changed to Tektronix Employees Federal Credit Union to reflect the credit union's membership. From very early on, technical innovation was used and resulted in First Tech's motto of "Think Forward". As early as 1976, the credit union began using computers for online data processing. By 1979, Tektronix Employees Federal Credit Union had begun the use of ATMs
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
. In 1985, the credit union unveiled Call 24 which allowed members to check balances and transfer funds by phone.
In 1986, the name changed to First Technology Credit Union and the membership opened to include employees in the technology industry of the Pacific Northwest. In 1989, First Technology Credit Union developed and implemented the first online banking
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
. This helped lead to the 1992 addition of Microsoft
Microsoft
Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...
to the First Technology membership. The 1995 launch of the company's website paved the way for the credit union to become the second financial institution in the world to perform secure internet transactions. Two years later, a decision was made to shorten the name to First Tech Credit Union. First Tech has remained an early adopter of new technology in the twenty first century, offering mobile banking
Mobile Banking
Mobile banking is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant . The earliest mobile banking services were offered over SMS...
in 2000, account aggregation in 2001, and biometric two-factor authentication
Two-factor authentication
Two-factor authentication is an approach to authentication which requires the presentation of two different kinds of evidence that someone is who they say they are. It is a part of the broader family of multi-factor authentication, which is a defense in depth approach to security...
in 2007. With over 156,000 members, and over 1.8 billion dollars in assets (2007), First Tech was one of the largest state chartered credit unions in the Pacific Northwest
Pacific Northwest
The Pacific Northwest is a region in northwestern North America, bounded by the Pacific Ocean to the west and, loosely, by the Rocky Mountains on the east. Definitions of the region vary and there is no commonly agreed upon boundary, even among Pacific Northwesterners. A common concept of the...
.
In March 2010, the company announced it would merge with California based Addison Avenue Federal Credit Union, which serves the employees of Hewlett Packard Company, Agilent Technologies, CH2M Hill, and many other technology based companies, pending government and member approval. The deal was approved by the government and credit union members, and became effective on January 1, 2011, with the new entity named First Tech Federal Credit Union.