Financial Partners Credit Union Adds New Products to Help Angelenos Build Banking and Credit History
- July 29, 2020
- Financial Partners Credit Union
As part of Los Angeles County’s BankOn coalition, the new products provide safe, affordable solutions for unbanked and underbanked residents
(July 29, 2020) Downey, CA - Financial Partners Credit Union, serving more than 84,000 members in California, launched a new suite of products designed to help consumers improve financial wellness and build a positive banking and credit profile.
Financial Partners’ EZ Card and Credit Builder Loan support Los Angeles County’s BankOn initiative to bring safe and affordable financial products and services to the unbanked or underbanked.
The EZ Card account provides a hassle-free way to manage money and everyday finances. Basically a “checkless” checking account, the EZ Card is completely free of overdraft fees and a low monthly fee that can be waived by simply depositing $100 each month or using the EZ card for purchases at least 10 times per month. Members with an EZ Card account have free access to over 30,000 ATMs nationwide as well as Financial Partners’ digital banking and FPCU Mobile app.
Financial Partners’ Credit Builder Loan allows those with limited or no credit history to build, or rebuild credit by opening a loan for a small amount. The amount of the loan is deposited by the Credit Union and held in a savings account until the loan is paid in full. Each monthly payment is reported to all three credit bureaus, building credit history. After making 12 months of on-time payments, the loan is paid in full and the member has access to the funds and a positive installment loan history.
“About 25 percent of households in the U.S. still don’t have a savings or checking account and rely on expensive and often predatory institutions for financial services,” said Nader Moghaddam, President and CEO of Financial Partners Credit Union. “Our goal is to help Angelenos build financially successful lives and these products are a fantastic way to start.”
Financial Partners Credit Union offers membership to anyone who lives, works or attends school in Southern California. Both the EZ Card and Credit Builder Loans can be opened online at FPCU.org or by calling 844.TRY.FPCU.
About Financial Partners Credit Union
With the mission of building lifetime financial partnerships, Financial Partners Credit Union serves over 86,000 members in California and stands at $2.1billion in assets. Financial Partners’ focus remains the same today as it did when the Credit Union was founded by eight aviation workers in 1937: saving money, making money, and saving time for its members. Membership is open to everyone who lives, works, worships, or attends school in Los Angeles County, Orange County, Riverside County, and San Diego County. Visit FPCU.org or call 844.TRY.FPCU for details.
About BankOn
The BankOn Los Angeles County coalition is managed by the County of Los Angeles Department of Consumer and Business Affairs’ Center for Financial Empowerment. They work with community organizations, County departments, and financial institutions to increase access to mainstream bank accounts. This helps residents avoid expensive alternative financial services and puts them on a path to increased savings and financial empowerment.