The $281 million Neighborhood Credit Union is gaining new members and new business through a relationship with the Mexican Government.
One day per week, usually either Thursdays or Fridays, staff from the credit unions offers credit union membership and services, such as savings and checking accounts and wire transfer services to people using the Mexican Consulate in Dallas.
"The people who are using the consulate are usually documented immigrants who are using the consulate on business or on behalf of family still in Mexico," explained Mark Arnold, senior vice president with the credit union. "Since we are chartered to serve people who live or work in Dallas County, we can count most of the people coming in the door to be eligible for membership," he added.
Neighborhood is the only credit union in Dallas to have signed on with the Directo A Mexico program, a cooperative effort between the U.S. Federal Reserve and the Bank of Mexico. Neighborhood's participation in Directo A Mexico means that it can offer its members the ability to deposit money directly from their Neighborhood accounts into accounts in any Mexican credit union or bank.
Arnold
explained that the credit union accepted a Mexican passport or Matricula Consular card, along with proof of local residency, to open an account.
In the first day at the consulate, Neighborhood opened between 20 and 30 new accounts, he said.
