SANTA ANA, Calif. -- Comunidad Latina Federal Credit Union is now open for business.
A ribbon cutting ceremony took place Nov. 3 with remarks from CLFCU Chairman Edward Hernandez Jr., Ed.D.
The credit union will focus on the surrounding Latino community in Orange County and offer an alternative to check cashers. According to a news release, many Latino families in the area use check cashing and payday loan services, which charge a fee to cash a check and require repayment with interest rates of 12% or more. Comunidad Latina will provide members free check cashing services and savings accounts as well as offering loan advances at reasonable rates.
The credit union is the result of the work of about a dozen or more credit unions nationwide.