Community Impact Video - Community Choice Credit Union

Community Choice Credit Union People Helping People Program

Community Choice Credit Union has developed a total package program to serve the underserved market. They believe that members prosper from a range of second chance products that focus on improving their financial condition. This includes financial education, checking accounts, savings programs, credit cards, and auto loans.

The second chance checking account has no minimum balance, does not include a courtesy pay program, and costs $10 per month until members successfully demonstrate they can manage their account. Community Choice Credit Union prefers working one-on-one with the membership and will schedule several 30 minute sessions to assist them in beginning a new financial journey. Once members have managed their account well, they can then move to a free checking account. A $250 starter Visa is also available with direct deposit.

To qualify for a Second Chance Auto Loan members must be gainfully employed, have direct deposit, and the ability to repay the loan. Often, members can qualify for a higher quality car by agreeing to utilize a device called Pass Time. Pass Time requires a modification to the car by installing a unit that reminds them that their payment is due. The goal is to assist the member in developing good payment habits and improving their credit score.

As a low-income designated credit union with over 60% of potential members living below the poverty line, it is vital that Community Choice Credit Union find ways to serve the underserved. In 2008, they opened 25 second chance type accounts. When considering the challenges of changing consumer habits, it is easy to see that Community Choice Credit Union is making a difference.

Thank you Community Choice Credit Union for demonstrating People Helping People!

Category:

Nonprofits & Activism

Tags:

• Community Impact
• Community
• Choice
• Credit
• Union