Point West Credit Union has expanded its product menu as it seeks to serve the local Latino community and provide an alternative to check cashers and payday lenders.
The credit union has rolled out "Fresh Start Checking" along with free financial counseling through BALANCE. Fresh Start Checking allows a member to open a checking account despite not having previously established credit and the absence of a Social Security Number or Individual Tax I.D. Number (TIN). Because the account is non-interest bearing, the credit union does not need the SSN or TIN to report to the IRS. The checking account provides ATM access, online banking access, checks, and access to direct deposit. There is a $10 monthly fee, but Point West notes it also offers members the opportunity to avoid exorbitant check-cashing fees and charges for money orders. After one year of maintaining the account in good standing, the account automatically converts into a regular free checking account with additional privileges.
One of the few requirements for opening a Fresh Start Checking account is the completion of "inbalance," a free financial education workshop online provided in Spanish (Point West has a computer in its main branch where members may complete the test). The "inbalance" test is part of another free service made available to Point West Credit Union members through BALANCE, a division of Consumer Credit Couseling Service of San Francisco, and provides members with free access to financial training and counseling over the phone or online with certified financial counselors. The training and resources are provided both in Spanish and English.
"Since our merger with Hacienda Community Credit Union in March of 2005, we have added loan products, a fully translated Spanish version of our website, multiple bi-lingual staff throughout the credit union to serve members in nearly every department of each branch, a business development officer who commits a significant portion of her time to educating the Latino community, and that's just a start," the credit union said.
The $109-million Point West Credit Union serves more than 13,200 members, including more than 2,800 Latino members.
