The $12 million Greater Abbeville Federal Credit Union in Abbeville, S.C., has started a new program to help local residents with troubled credit scores open their own checking accounts.
The credit union said the Fresh Start Account is aimed at people who have been turned away from other financial institutions due to minor credit and financial issues.
Free financial counseling will be provided to Fresh Start Account members to help with any financial difficulties, GAFCU said. “Last fall our staff and board met to define common financial issues that we see and how our credit union could be part of the solution to some of those problems,” said Faye Crocker, president/CEO of GAFCU. “The Fresh Start Account is just the beginning of how we believe GAFCU can be the source of hope for a better financial future of our friends and neighbors in Abbeville.”
The credit union said that it will offset the financial risk and administrative cost of running the program through a monthly fee. If, after 12 months, a member using the Fresh Start Account is still in good standing, the monthly fee will be eliminated.
The account will then be changed to a traditional free checking account, GAFCU said.