Tucson Federal Credit Union (TFCU) has received national certification from the Cities for Financial Empowerment Fund's Bank On initiative, making it the first and only credit union in Arizona to do so. The program includes more than 100 local coalitions and more than 500 banks and credit unions throughout the country.
The Bank On movement, led by the New York, N.Y.-based nonprofit Cities for Financial Empowerment Fund (CFE Fund), works to ensure everyone has access to safe and affordable banking.
More than 18% of Arizona households are unbanked or underbanked, according to Bank On Arizona, an initiative of Dress for Success Phoenix. The TFCU product, MyMoney Checking, is now available at all TFCU branches.
MyMoney Checking meets the Bank On National Account Standards, offering low- or no-monthly fees; no overdraft of NSF fees; free access to deposits, withdrawals and bill pay; and online and mobile access for everyday transactions.
"For over 80 years, TFCU has been part of the financial landscape in Tucson, with a core belief that everyone deserves to be seen and heard no matter their personal circumstances." Matthew Gaspari, president/CEO of TFCU, said in a prepared statement. "By launching this nationally certified Bank On account, we are removing obstacles that have historically kept the most vulnerable in our community unbanked and underserved. At Tucson Federal Credit Union, we meet our members where they are. Through this partnership with Bank On, we are meeting our community where they are with a safe, affordable and truly local financial home that reinvests in the prosperity of Pima County one person at a time."
Later this year, alongside MyMoney Checking, TFCU said it plans to introduce the First Step 500 Loan Program, which offers members access to small-dollar loans of up to $500 after completing a short educational video, as part of its mission to "pair access with financial literacy."
"This account isn't just a new product. It's a pathway," Krystal Adams, COO for TFCU, said. "We are proud to be allied with Bank On Arizona in breaking down barriers and empowering people to build lasting financial health."
Tucson FCU has 53,000 members and $750 million in assets.
Joyce Moed can be reached at joyce.moed@arc-network.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.