BANNOCKBURN, Ill.–Great Lakes Credit Union said it has been recertified with “Bank On Chicago,” a partnership that allows it to assist underbanked and unbanked communities throughout the Chicagoland area to gain access to banking products and financial education.
The credit union noted that a full-time worker who forgoes traditional retail banking products is charged roughly $40,000 in lifetime fees. Bank On Chicago is working to increase financial education by forming a collaboration with the Economic Awareness Council and Chicago area agencies, financial institutions, and not for profit organizations, Great Lakes CU said.
GLCU said all of its locations will now offer a Bank On checking account for qualifying community members. Consumers can visit any GLCU branch to open an account that “protects them from unpredictable fees for basic account transactions.” “With a GLCU Fresh Checking Bank On account, GLCU members can expect no monthly fees, no NSF/overdraft fees, no minimum balance to maintain, and free instant issue debit card. GLCU members can get a fresh start regardless of their past credit,” Great Lakes CU said.
2 Reps on Committees
GLCU noted it has two representatives serving on the Bank On Illinois Advisory Committees. Steve Bugg, GLCU’s president and CEO, will serve on the Financial Products Committee, which focuses on providing guidance and strategic input to develop products and content for the certification of new banking partners. Serving on the Research Committee will be GLCU’s Financial Education Program Manager, Jennifer Shimp. The Research committee will provide advice to the Commission through research and subject matter expertise to help further Bank On’s mission.
A Top Priority
The $1-billion GLCU said improving financial wellness within the state of Illinois is one of its top priorities and that in support of financial education and consumer-friendly lending practices, it backed the Predatory Loan Prevention Act. This Act halted financial institutions from placing an annual percentage rate (APR) higher than 36% on payday and title loans. Many Illinoisans who use these two services earn less than $30,000 per year, it noted.
GLCU said it also continues to help improve the lives of others through financial education with its HUD-certified housing and financial wellness team.
"As we continue to serve a growing and diverse membership, it is imperative that GLCU continues to support initiatives such as these; driving for fair consumer products and practices in the financial landscape,” said Nick Mathews, GLCU VP of marketing.