Future Ownership of one of the 1st African American Credit Unions
It is an honor for us to announce the very first African American national credit union. An inaugural conference will be held on 14th of August 2020 where Dr. Casuel Pitts and his wonderful team along with directors of board will be briefing on the plans about this Credit Union. Dr. Pitts is very certain that he would bring revolution in the world of normal banking by implicating innovative financial literacy programs.
The board of directors is responsible for supervision and oversight on services offered, which include:
• Checking and savings accounts
• Loans for home, auto, consolidation, home improvement, etc.
• Credit and debit cards
• Money orders and safe deposit boxes
• Financial literacy
Our Credit unions operate with a mantra of “one member, one vote” — regardless of financial assets. Board members receive no compensation for service. Because the credit union is not-for-profit, it also is exempt from most state and federal taxes. This differs from how banks work. Banks are for-profit companies or partnerships whose goal is to make money for stockholders.
The major difference is that our credit union is nonprofit, so any earnings are returned to members in the form of lower interest rates, lower fees and, in some cases, lower qualifying standards for loans.
“The pricing across the board is going to be lower at the credit union,” Dr. Casuel Pitts, the future owner of first African American National Credit Union, said. “You will see substantially lower average prices for almost every major loan type.
“And there is a willingness to listen to people’s unique stories and circumstances that allows us to go beyond traditional underwriting standards. We focus on providing service to our members.”
Principles for our credit union
1. Voluntary and open membership
We open the doors to people regardless of their race, gender, or financial situation. As a not-for-profit institution, we are devoted to our members’ financial wellness, and not to make a profit.
2. Democratic member control
Co-ops operate on a democratic platform, meaning one vote, one member no matter their financial status. Each credit union has a board of directors that serve on a volunteer basis.
3. Member economic participation
Members are both owners and customers. The more people that participate, the more can be given back in the form of more products, lower loan rates, higher savings yields, and fewer fees.
4. Autonomy and independence
Cooperatives are owned by members, not shareholders, making each member the boss.
5. Financial education, training, and information
We are committed to providing financial education to our members and to the community at large. From budgeting basics to retirement planning and how credit works, we do all we can to ensure that the general public and policy-makers are informed.
6. Cooperation among cooperatives
Working together, financial cooperatives are there when you need them. We provide more ATMs than the world’s largest bank.
7. Concern for the community
Credit unions are passionate about serving their members and about making an impact in the community. They volunteer for local charities and participate in causes to make a difference.
Benefits of working with us
1. Financial literacy
It’s never too late to start your financial education, but the earlier, the better. From counting coins in kindergarten to planning for your retirement years, managing your finances is a critical part of your financial security — regardless of how much money you have. We are the safest institute you can put your trust and secure your future.
Basic financial literacy helps people become self-sufficient and achieve financial stability. This includes being able to save money, distinguish the difference between wants and needs, manage a budget, pay their bills, buy a home, pay for college, and plan for retirement. Literacy helps them create a realistic roadmap that will take them through their daily lives making good financial decisions.
2. Friendliness and Accessibility
Big banks can seem cold, formal and even unreachable – and those are the ones that still have bricksand-mortar offices. It often seems that branch managers don’t have the authority to make the decisions to help you, or that the bank itself is so enormous it doesn’t really care about having your business. Credit unions can be friendlier in atmosphere and tone, and simply more accessible on every level. According to Cloud, “being smaller and local allows them to be very connected to their neighborhoods and versatile to respond to feedback.”
3. Nothing to Lose
According to Cloud, the only standard requirement for membership in most credit unions is that you live in the area. According to Cloud, credit unions offer all the same services as banks: “checking, saving loan and investment options.”
4. Better Rates
“Being member-owned generally allows the rate of returns on savings accounts to be higher and the interest rates on loans to be lower than at a bank.”
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Country: United States
Website: www.buyingblackback.com
