Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
W.Va. league CUs work with those ignored by banks
CHARLESTON, W.Va. (12/ 8/09)--With 27% of West Virginia households unbanked or underbanked, according to a Federal Deposit Insurance Corp. (FDIC) survey, credit unions are stepping up to work with families ignored by the banking industry, said the West Virginia League. Credit unions are banks’ archrivals, West Virginia Credit Union League’s Rich Schaffer told The Charleston Gazette (Dec. 5). “Credit unions continue to work with struggling families who are often ignored by the traditional banking establishment,” Schaffer added. “Now, more than ever, credit unions are available to serve as an alternative to paying high fees for basic financial services.” The FDIC survey identified households as unbanked it they didn’t have a checking or savings account, the newspaper said. Households were defined as underbanked if they had a financial account but relied on check-cashing services, non-bank money orders, payday loans, rent-to-own agreements or pawn shops at least once or twice a year, or refund-anticipation loans at least once in the past five years, the paper added. The majority of the state’s unbanked are low-income people, and most poverty is found in rural counties, Sally Cline, West Virginia banking commissioner, told the paper. To read the article, use the link.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 Day ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
1 Day ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 Day ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
1 Day ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
1 Day ago