Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PORTLAND, Ore. — Point West Credit Union hopes its new Fresh Start Checking and partnership with financial counseling service provider BALANCE will help serve as an alternative to payday lending. Designed to particularly help the local Hispanic community, which is usually targeted by check cashing outlets and payday lenders, the new products allow members to open a checking account without previously established credit, Social Security Number or Individual Tax I.D. Number. The account provides ATM access, online banking access, checks, and access to direct deposit. According to Point West CU execs, a $10 monthly fee gives members an opportunity to avoid exorbitant check cashing fees and charges for money orders. After one year of maintaining the account in good standing, the account automatically converts into a regular free checking account with additional privileges. One of the few requirements for opening a Fresh Start Checking account is the completion of “inbalance,” a free online financial education workshop in Spanish provided by BALANCE at the credit union branches. BALANCE, a division of Consumer Credit Counseling Services of San Francisco, provides members with free access to financial training and counseling over the phone or online with certified financial counselors. The training and resources are provided both in Spanish and English.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.