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CheckFree Signs Electronic Bill-Payment Agreements With Five Federal Credit Unions

Institutions Serve Over Half A Million Members, Holds $2.5 Billion In Assets

ATLANTA, Sept. 8 /PRNewswire/ -- CheckFree Corporation (Nasdaq: CKFR) today announced that it established agreements with five of the nation's largest federal credit unions to bring electronic bill payment services to their members. The institutions are Security Service Federal Credit Union, GTE Federal Credit Union, Rockwell Federal Credit Union, Purdue Employee Federal Credit Union, and Kaiser Permanente Federal Credit Union.

Together, the five credit unions serve more than 550,000 members and hold assets of $2.52 billion. Four of the subscribing FCUs are among the top 100 in the nation, and one of them (Security Service) is number 10 in the country.

"Electronic bill payment is clearly the wave of the future -- and the industry is quickly responding by offering it to consumers interested in saving time, trouble and money," said Peter J. Kight, president and chief executive officer of CheckFree. "With CheckFree's open architecture, our processing services can be implemented quickly and economically by using the institution's existing system."

About Security Service Federal Credit Union

Security Service Federal Credit Union is San Antonio, Texas' largest credit union with over $1.2 billion in assets, more than 300,000 members, and 28 locations. There are 18 service centers in San Antonio and one in Uvalde, Texas; five in Colorado Springs, three in Pueblo, and one in Denver, Colo.

About GTE Federal Credit Union

GTE Federal Credit Union was founded in 1935. Operating in West Central Florida, GTE FCU has 20 branches serving 120,400 members with assets totaling around $558 million. They will roll out "CU at Home" in the 4th Quarter of 1997, which will include touch-tone telephone and PC access. Eventually, Web access will be introduced as well.

About Rockwell Federal Credit Union

In November 1937, eight North American Aviation Corporation employees established the N.A.A. Employees Federal Credit Union, which later changed its name to Rockwell Federal Credit Union (RFCU). RFCU boasts 54,000 members and $382 million in assets. It is the fifth largest credit union in Los Angeles. Regardless of its tremendous growth, RFCU has remained allegiant to its philosophy, "people helping people." RFCU offers a full menu of financial services including real estate loans and financial planning. Later this year, RFCU will add home banking and a MasterMoney(R) debit card to its list of services.

About Purdue Employees Federal Credit Union

Purdue Employees Federal Credit Union was founded in 1969 to meet the financial needs of Purdue University's faculty and staff. The credit union now serves 59 Select Employee Groups in addition to Purdue University's faculty, staff, students, and alumni. Purdue Employees Federal Credit Union has assets of $220 million and 43,000 members.

About Kaiser Permanente Federal Credit Union

Kaiser Permanente Federal Credit Union, founded in 1953, is a full-service credit union serving over 33,000 members with over $160 million in assets. The credit union's mission statement has been to promote the financial well- being of its members and the strength of the organization through the delivery of high quality financial services and prudent management. KPFCU's strength is in providing member service. KPFCU currently has 21 ATMs installed at major medical facilities with free withdrawal and deposit capabilities as well as Internet-based remote banking services.

About CheckFree

Founded in 1981, CheckFree Corporation (, is the leading provider of electronic commerce services, software and related products for more than 1.8 million consumers, 1,000 businesses and 850 financial institutions. CheckFree designs, develops and markets services that enable its members to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure transactions on the Internet.

SOURCE CheckFree Corporation
 -0- 09/08/97

/CONTACT: Media: Matt Lewis, CheckFree Corporation, 770-734-3404 or email:


CO: CheckFree Corporation; Security Service Federal Credit Union; GTE Federal

Credit Union,; Rockwell Federal Credit Union; Purdue Employee Federal

Credit Union; Kaiser Permanente Federal Credit Union ST: Georgia, Texas, Florida, California IN: FIN CPR SU:

KW -- ATM004 -- 4415 09/08/97 08:15 EDT
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Publication:PR Newswire
Date:Sep 8, 1997
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