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.