MEMPHIS, Tenn. – Memphis Area Teachers CU yesterday announced the introduction of a new checking product to help the unbanked or immigrants unfamiliar with the American checking system.
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In order to qualify for the free checking account, known as Second Chance, consumers must take a three-hour financial education course, called Common Cents, which is offered by a local foundation, known as RISE, or Responsibility, Initiative, Solutions and Empowerment.
Second Chance checking is aimed at individuals who may have had an account closed through Chex Systems, some of whom may have experienced a catastrophic event, such as divorce, job loss or illness, or who haven’t had a checking account before with a U.S. institution.
