The 356,000 member, $3.4 billion Redstone Federal Credit Union, headquartered in Huntsville, Alabama formally opened Right Choice Money Services, a check cashing business located in lower income part of Decauter, Alabama.
The ribbon-cutting event attracted a crowd of approximately 50 people. In attendance were Don Kyle, Mayor of Decatur; Charlie Miller, Chair of Right Choice Money Services; Joseph H. Newberry, President and CEO of Redstone Federal Credit Union; as well as a number of Decatur Morgan County Chamber members.
“We have learned that many consumers – for various reasons – prefer or feel more comfortable handling their financial business outside of traditional banking,” remarked Peter Alvarez, Right Choice General Manager explained
“That’s where Right Choice comes in. Right Choice’s innovative business model combines the alternative financial services offered by non-bank providers, like check cashers and payday lenders, and provide a pathway or opportunity for establishing a savings account and building credit. Because of Right Choice’s relationship with Redstone, people can easily transition into full service credit union accounts, if they choose.
Congress tasked credit unions throughout the nation in 1998 with serving people – especially of modest means -- within their communities, the credit union explained, and Joseph H. Newberry, President and CEO of Redstone Federal Credit Union put Right Choice in that context.
“That is why Redstone decided to start Right Choice Money Services, the newest member of the Redstone Federal Credit Union family,” Newberry explained. “Right Choice is a revolutionary approach in delivering safe, convenient and economical access to a wide range of financial services for members of our community who choose not to use a traditional bank or credit union.”