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Thread: Working to create credit union for west side community

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    Member ynn's Avatar
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    Working to create credit union for west side community

    A group of volunteers wants to continue building momentum on Buffalo's West Side. YNN's Kaitlyn Lionti tells us about the proposed "Good Neighbors Federal Credit Union" and the vision to make it a true partner in the community.

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  2. #2
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    A new credit union for low-income people on Buffalo's west side!

    We're building a new credit union focused on low-income people on Buffalo's west side, and we need your help! We want to provide a socially responsible alternative to fringe banking. If you have ties to the west side (live, work, worship, belong to a club etc) you are eligible to join. We're legally required to produce 1000 short surveys in order to open, so please take three minutes to show your support! http://www.surveymonkey.com/s/6HNTJSK

    Find us on Facebook: https://www.facebook.com/GoodNeighborsFCU

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    Thanks for posting about us ynn! We're working to make this vision a reality!

  4. #4
    Tony Fracasso - Admin
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    What services would the credit union provide that are more focused to low-income residents versus a standard bank other than a no fee type of bank account?

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    Member Linda_D's Avatar
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    Quote Originally Posted by WNYresident View Post
    What services would the credit union provide that are more focused to low-income residents versus a standard bank other than a no fee type of bank account?
    Credit unions are gaining popularity because regular banks "fee you to death" and really don't want small accounts. FCUs give people of modest means the following:
    • No fees on small savings accounts to start. One of my credit unions has a minimum $1 deposit for membership. The other $25. The last bank that I had a saving account with charged me $9/month for a savings account with $1,000+ in it.
    • Free check cashing so members don't have to use check cashing services.
    • Free checking accounts even for members whose check account balances might fall to $0 during a checking period.
    • Credit counseling to help members build up their credit worthiness so that they can qualify for lower interest rates. A FCU will often make a member a small loan of < $1000 to clear credit card debt even if he/she has a limited or poor credit history.
    • A place to cash tax refund checks.
    • Full service FCUs offer debit cards as well as credit cards at good interest rates. They also offer personal loans, car loans, mortgages, etc.



    I hope this new credit union takes flight!
    Your right to buy a military weapon without hindrance, delay or training cannot trump Daniel Barden’s right to see his eighth birthday. -- Jim Himes

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