Ohio-based Cardinal Credit Union has teamed up with Bits of Stock, a New York-headquartered platform that enables financial institutions to offer fractional shares of stock as rewards, to help young investors begin building wealth while enhancing their financial education.
Through the partnership, Cardinal checking account holders aged 18 to 28 will be able to automatically earn stock rewards on every Visa debit card purchase. Young investors can then convert these rewards into fractional shares of selected publicly traded companies.
Once enrolled, members will gain access to a brokerage-style dashboard provided by Bits of Stock, where they can execute trades and oversee their investment portfolios. The new programme is integrated within Cardinal’s existing digital banking platform, which is powered by California-based cloud-native banking solutions provider Lumin Digital.
Christine Blake, CEO of Cardinal Credit Union, states that with the institution’s Bits of Stock partnership, “We are helping student and younger members build a strong financial foundation while making investing accessible and rewarding”. Blake continues: “There is tremendous value in this programme as it encourages investors to learn about accumulating assets and building wealth in early adulthood.”
Cardinal, a member-owned not-for-profit financial cooperative with a 72-year history, serves over 20,000 members through seven branches spread across Northeastern Ohio. The institution offers an array of banking services, including checking accounts, CDs, credit cards, auto loans, personal and business loans, bill payments, and mortgages.
Founded in 2019, Bits of Stock adds Cardinal to its expanding client roster, which includes Strata Credit Union, Jack Henry, and Alliance Credit Union. The fintech recently gained industry recognition as one of six Demo Best of Show winners at this year’s FinovateSpring event in San Diego.
Source: https://www.fintechfutures.com/
