“Serving the Underserved”
USCU’S MOTTO FOR SUCCESS
By Clare Hubbard
According to the
Many undocumented people lack access to necessary financial services, according to Doug Roth, President and CEO of United Services Credit Union. USCU offers traditional financial services to the general public, but it also appreciates the possibilities and benefits of serving the multitude of cultures in the greater
Even when services are available, it can be hard for anyone without a valid Social Security number to financial aid honest assistance. “There have been many stories of people being taken advantage of because of their lack of understanding of how financial services work in our country,” Roth says, giving an example of a Filipina woman paying extremely high interest rates on an auto loan because of a communication problem with the dealership\’s management.
“Too many people are being victimized by complicated financial services. Providing financial education is a critical step in their understanding of how financial services work in our society,” according to Roth.
The need for those services, and the impact of immigrant labor, are huge. According to a recent study, “The Economic Impact of the Hispanic Population on the State of
Despite popularly accepted myths to the contrary, little of the money earned by undocumented residents leaves the country. Just in the past year USCU has opened more than 250 accounts for area Hispanics, of which sixty percent are held by undocumented immigrants. Ninety to ninety-financial five percent of that money, on average, stayed in the area. For those who do send money home, USCU members can make money transfers via the Internet using
Roth stresses the importance of giving people a place to build credit and keep their money safe. “Many undocumented residents carry around loose cash, which is dangerous, and people are missing out on the return benefits of financial institutions.” USCU offers undocumented migrants basic, uncomplicated accounts while providing assistance in applying for an Individual Taxpayer Identification Number (ITIN). Once an ITIN is issued, a Credit Union member is eligible for an interest-bearing account and loans using “non-traditional lending means.” USCU gathers appropriate credit information (for example, the individual\’s payment history for rent or telephone bills), and may then offer secured or unsecured loans with interest rates as low as twelve percent.
The politics of border control have proved divisive in
Many other businesses are also beginning to provide some type of assistance to undocumented residents, in simple recognition of the fact that this community is present, growing, and in need of the same services that are taken for granted by documented residents USCU\’s goal is to provide them.
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USCU
is located at
Avenue
and can be reached at 828- 255-0809. In Old Fort, USCU is at
Catawba St
five hours every Friday.