HUNTSVILLE, Ala. (11/8/12)--Redstone FCU, Huntsville, Ala., has opened a new subsidiary that it is marketing as a better priced alternative to traditional check cashing establishments.
Right Choice Money Services offers basic financial products, including check cashing, money orders, Western Union money transfers, bill pay, and reloadable prepaid cards in a safe, friendly and convenient environment.
Right Choice Money Services is different from its competitors because it offers its customers a pathway to traditional savings and credit products through its partnership with Redstone, the credit union said.
The credit union said it identified a need in the market to serve those without traditional credit union or bank services.
"For the nearly 4 out of 10 Alabamians who do not use traditional banking organizations, Right Choice Money Services offers a welcome and competitive alternative," said Joseph H. Newberry, Redstone FCU president/CEO. "Right Choice is not only good for the consumer; it's good for the community. And Right Choice is the right thing to do."
A subsidiary of Redstone FCU, Right Choice operates under its own management committee, who share a vision of providing affordable, friendly and convenient financial services to those who may not have traditional bank or credit union checking accounts.
Almost 193,000 Alabama households did not have a checking or savings account in 2011, according to the September 2012 release of the Federal Deposit Insurance Corporation (FDIC)'s 2011 National Survey of Unbanked and Underbanked Households. The report also found that nearly 40% of all households in Alabama use alternative financial services, such as check cashers or payday lenders.