SAN JOSE, Calif.– First Tech has introduced the First Tech Relocation Banking Program, which it said is designed assist employees moving to the U.S., including setting up savings and checking accounts in the U.S. and establishing and building credit in this country.
The $16.8-billion First Technology FCU, as its name implies, serves an FOM made up of workers in tec, primarily in California and Oregon, many of whom are hired from outside the U.S.
The credit union pointed to a recent study that found that 89% of U.S. employers are currently hiring foreign national employees, while there have also been new records set in H-1B registrations, the program for employers seeking to hire nonimmigrant aliens.
First tech said that by reducing the financial stress for transferees with an end-to-end financial solution, including access to savings and checking accounts, credit products, and mortgage services, its helps support eligible companies by ensuring their employees can financially settle into the US.
‘Early Stage’ Assistance
"We've been supporting our employer partners with employee relocation to the U.S. and within the U.S. for more than 20 years, and our First Tech Relocation Banking Program addresses the financial needs of their employees at every stage," said Bryan Rivers, program manager for First Tech Relocation Banking. "No other financial partner offers such an expansive financial solution that helps eligible employers and their employees easily establish a new financial footprint in a new country. We recognize the stress of moving internationally and understand that by removing the burden of setting up finances and credit, employees participating in this program can focus on the other important aspects of their move."
First Tech said it supports nearly 200 employers, helping thousands of their transfer employees every year.
“By supporting tech giants like HP, Microsoft, Intel, Amazon, Cisco, and more manage transferees moving to the U.S. on employer-sponsored work Visas, First Tech ensures their employees get savings and checking accounts up to 60 days before they arrive in the U.S. – even without a Social Security number,” the credit union said.
What’s Provided
First Tech said it provides employees of eligible employers with access to credit products, including a $25,000 limit Mastercard at attractive rates to help members establish credit. In addition, First Tech offers relocation members the rate equivalent to having a 680-700 FICO credit score for credit cards and auto loan products and a rate equivalent to a 740 FICO for mortgages, the credit union said.
"Transferring employees new to the U.S. take their credit seriously, and we've seen them quickly establish and maintain it once they are here – so we're happy to help them set out on a path to early success," added Rivers.
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