In its second-largest acquisition, Amazon buys the company for $970 million.
uMember.com Inc., an online membership discount store, and Patelco Credit Union, have teamed up to give members the ability to engage in online shopping without the use of a credit card. uMember.com and Patelco set up member accounts on the uMember.com secure site. A member who makes a purchase has money transferred directly from his or her Patelco account and deposited into uMember.com's account, which the company says eliminates the need for a credit card transaction. If members want to make a purchase with the credit union's credit card or take out a loan to make a purchase, they may do so, it adds, and members can take out a home-equity line of credit to buy items from uMember.com. The cobranded, online community also will soon offer auctions, chat, news and more, which San Francisco-based Patelco's members will be able to access as well, says Los Angeles-based company.