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CUs can re-price deposit rates with online tool

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SAN ANSELMO, Calif. (1/2/09)--Credit unions that subscribe to Market Rates Insight can use MyRI to price and re-price deposit rates more frequently. MyRI is a Web research portal with a set of deposit and loan-rate reports that can be organized by competitor, retail, small business, commercial bank products or geographic market. MyRI uses a forward-programming algorithm that matches specified deposit products to the terms and tiers of the nearest competing product, which gives credit unions an apples-to-apples view of the competitive landscape, the company said. “The velocity of rate changes makes it harder to stay current using traditional static rate reports,” said Rick Barnham, founder/CEO of Market Rates Insight. “With our new MyRI portal, subscribers can get competitive data when they need it.” Market Rates Insight provides credit unions and other financial institutions with accurate market intelligence on deposits, loans and fees, the company said.