CHICAGO–Great Lakes Credit Union said it has partnered with Leaders Network Financial to open the doors to a temporary branch location in Chicago’s Austin neighborhood.
The branch, which offers an ATM and the ability to open accounts, is situated directly next door to the permanent branch location, which is set to open in mid-Q1 of 2024, the $1.3-billion credit union said.
“Together with Leaders Network Financial, we agreed it was imperative to deliver at least some branch services to Austin residents in advance of the holiday season,” said Chief Experience Officer Patrick Basler.
According to the credit union, the move to open the temporary branch ahead of the permanent branch is driven by the two organizations’ desire to give residents an alternative to currency exchanges and payday lenders.
'Historically Underserved Desert'
“Austin is a historically underserved financial desert,” added Basler. “That’s why we felt it was important to give residents access as soon as possible to an ATM, account opening capabilities, and HUD-approved housing and financial counseling services.”
The organizations said that is especially important in advance of the holidays.
“Rather than visiting a local currency exchange or payday lender to access funds for the holidays, residents have the option to open accounts, credit cards, or loans through Leaders Network Financial, in partnership with Great Lakes Credit Union, and avoid fees and sky-high interest rates,” GLCU said.
Additional Assistance
In addition, Austin neighborhood residents can get budgeting assistance, foreclosure counseling, and more from a HUD-Certified Housing and Financial Counselor directly in the temporary branch. The service, offered through the Great Lakes Credit Union Foundation for Financial Empowerment, is open to all residents, regardless of membership status with the credit union.
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