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.
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