The 352,000-member, $3.3 billion Redstone Federal Credit Union has launched a CUSO-ownedsubsidiary check cashing firm aimed to both serving unbankedconsumers' immediate financial needs as well as influence them tojoin the credit union.
|“For the nearly four out of 10 Alabamians who do not usetraditional banking organizations, Right Choice Money Servicesoffers a welcome and competitive alternative,” said JosephNewberry, the Huntsville-based credit union's CEO. “Right Choice isnot only good for the consumer; it's good for the community. AndRight Choice is the right thing to do.”
|The credit union cited an FDIC survey from September whichreported that almost 193,000 Alabama households did not have achecking or savings account in 2011 and that nearly 40% of allhouseholds in Alabama use alternative financial services, such ascheck cashers or payday lenders.
|The proportion of households that used such services in the last12 months increased in Alabama and seven other states around thecountry, Redstone added.
|Right Choice Money Services is different from its competitorsbecause it offers its customers a pathway to traditional savingsand credit products through its partnership with Redstone, thecredit union said.
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