Metro Credit Union is headquartered in the City of Chelsea, home to a richly diverse community of first- and second-generation immigrants.
Over the years, Metro has recognized that minorities are faced with obstacles that hinder their ability to succeed financially. Often, differences in language and culture inhibit communication, and many have little understanding of how the banking system works in this country.
As a result, many are unbanked and rely on less reputable lenders and check-cashing services.
To offer residents and businesses a better, more affordable option, Metro opened a second location three years ago in the heart of downtown Chelsea. This bilingual branch offers residents a safe, convenient place to save money, get loans at reasonable rates, and receive honest, factual information to help them make better financial decisions.
Realizing the importance of continued outreach to this population, and providing products and services that address their needs, Metro invited community partners to a roundtable in December 2008 to discuss the challenges that the minority population faces on a day-to-day basis. As a result, Metro added new products designed to encourage regular saving.
Metro believes that making saving a regular habit, or paying yourself first, is one of the first steps to financial security. Metro also started accepting Individual Taxpayer Identification Numbers (ITINs) for identification purposes, which made it easier for this population to open accounts. Metro developed bilingual materials for their branches and continues to explore ways to support this community.
Along with offering new products and services, Metro reached out to trusted community partners and asked for their support and participation in a Real Solutions Resource Fair. The purpose of this Resource Fair, also held in December 2008, was to provide a one-stop solution for Chelsea residents to learn about available resources in the city.
During the Resource Fair, residents were able to speak with representatives regarding basic banking, ITINs, public assistance, Mass Health, fuel assistance, housing and understanding a credit report.
Leading The Way
As a result of partnering for the Fair, organizations within the community now see Metro as a trusted partner and look to Metro for leadership.
Some of the initiatives that Metro is involved in include sponsoring a college savings program for students in Chelsea High School, developing a Family Economic Center and ongoing financial literacy programs.
Metro has also partnered with affordable housing organizations to ensure that prospective homebuyers have access to as many resources as possible to realize their dream of home ownership. Working with organizations such as MassHousing and Chelsea Neighborhood Developers, Metro has developed unique home loan programs and workshops for first-time home buyers.
For 85 years, Metro Credit Union has provided financial services to individuals and businesses throughout Massachusetts. As one of the largest credit unions in the state, Metro has more than 120,000 members and delivers workplace banking to more than 1,800 companies.
Based on the credit union philosophy of “people helping people,” Metro is committed to community outreach and providing programs and services that meet the needs of the communities that it serves.
Metro understands that responding to the needs of the population is critical to developing financial stability throughout the community. We believe that now, more than ever, financial professionals have a responsibility to help individuals and their families achieve financial independence.
Through financial education, offering the right products and services and partnering with organizations in the community, Metro continues on its mission to help individuals and businesses in the community achieve their financial goals.
Robert Cashman is president and chief executive of metro Credit Union, Chelsea. Email: rcashman@metrocu.org
