Interest Rates Uw Credit Union

Interest Rates Uw Credit Union – A sign over the counter at the UW Credit Union branch on Fish Street informs members of their new designation as Juntos Avanzamos (“Together We Advance”) Credit Union.

Senior banker Kayla Arcos and service clerk Sonia Castellanos work at the drive-thru window of UW Credit Union on Fish Hatchery Road in Fitchburg.

Interest Rates Uw Credit Union

At UW Credit Union on Fish Hatchery Road in Fitchburg, banker Jessica Ruiz smiled as a friend told her the baby news in Spanish.

Leadership And Public Service

After two decades of hiring bilingual staff and removing restrictions that keep immigrants out, UW Credit Union has won national recognition for serving Latinos.

Senior banker Kayla Arcos and service clerk Sonia Castellanos work at the drive-thru window of UW Credit Union on Fish Hatchery Road in Fitchburg. Ruthie Hogg

In 2014, Georgina was looking for a perfect car to get a job cleaning offices for a cleaning company in Verona. She wanted something good enough for the Wisconsin winter, so she realized she needed a loan.

But she, a native of Mexico who moved to Madison in 2006, is against it. More than 12 percent of Latino households in the U.S. do not have a bank account, and another 22 percent are unbanked. A bank account means relying on services like check cashing and payday loans instead of banking options, according to a 2019 survey by the Federal Deposit Insurance Corporation.

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At twice and half the rate of white households, it deals with more Latinos with predatory lending practices or the constraints of living on cash.

Georgina does not have a Social Security number, which many banks and credit unions have long required for some or all of their services. At some institutions, the Individual Taxpayer Identification Number (ITIN), a nine-digit option created by the IRS in 1996 to allow non-citizens who are not eligible for a Social Security number to file taxes, only qualify for limited services. At a high rate.. Cap Times only used Georgina’s first name because of possible immigration implications

Georgina received the loan thanks to UW Credit Union’s decades-long effort to transform its operations to serve Dane County’s growing Latino population.

“It was $18,000, I think, the bank gave me to buy my little car so I could go to work … do all the things I needed,” said Georgina, who was recommended UW Credit Union by family.

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Now, those practices have been adopted nationally by credit unions — and businesses that make up 40 percent of Dane County’s Latino population. In September, Inclusive, an organization that helps credit unions better serve low- and moderate-income people, named it a credit union Juntos Avanzamos (“Together We Move Forward”).

A sign over the counter at the UW Credit Union branch on Fish Street informs members of their new designation as Juntos Avanzamos (“Together We Advance”) Credit Union. Ruthie Hogg

To receive the title, credit unions must meet a long list of criteria that demonstrate a commitment to “serving and empowering Hispanic and immigrant consumers.”

On the list: employees and leaders who are bilingual and culturally competent, accept alternative forms of identification and “treat all members with respect regardless of immigration status.”

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To date, more than 130 credit unions are located in 27 states, Puerto Rico and the District of Columbia. UW Credit Union is the first to do so in Madison County and the largest in Wisconsin, where Latinos are the state’s fastest-growing minority.

“The composition of the country is changing, so financial institutions in general need to understand how to connect with the growing market”, said Vice President CEO General Pablo DeFilippi.

For decades, UW Credit Union has strived to better serve Latinos, said President Paul Kondrat. When he arrived at the credit union nearly 20 years ago, he researched how Dayan’s demographics would change in the coming years.

“Our mission is to improve people’s financial well-being, so knowing who can benefit is just one important part of the organization,” Kondrat said. “The Latino community is expected to grow significantly, so serving the needs of Latinos makes good business sense.”

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Credit unions began looking for ways to inadvertently exclude Latinos and “could be institutionalized as a welcoming and inclusive organization,” Contrat said.

This means rethinking practices the industry has long embraced — like asking for Social Security numbers. Financial institutions collect Social Security Numbers, or ITINs, to notify the government about dividends or interest received by customers, DeFilippi said. “It never has to be some kind of citizenship and certification.”

UW Credit Union first began making loans to ITIN holders in 2005, and the program has expanded to cover everything from personal and auto loans to credit cards and home equity lines. The nine digit number used by the customer.

After Republican lawmakers in 2006 eliminated a state program that offered mortgage loans to ITIN holders, UW Credit Union cleared the last hurdle for ITIN holders and began offering its own ITIN mortgage loans.

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There is no comprehensive list of banks and credit unions that offer loans to ITIN holders, but a September report by the Filene Research Institute, a credit-focused think tank, found that number is on the rise. Of the 108 credit companies surveyed, 70% offer at least some form of ITIN loan. 72% of those who haven’t are planning to start.

Increasing access to banking helps the whole community, DeFilippi said, adding that storing large sums of money can make people “easy targets for crime”. This can lead to increased crime rates, lower property values ​​and tax collections, and may reduce local government services.

“It’s in our best interest, our collective interest, to make sure consumers can put their money in a safe place,” DeFilippi said.

Most credit unions applying for Juntos Avanzamos status do not meet all the criteria on the first attempt, but UW Credit Union does. “There are things we’re still working on and we’re continuing to work on them,” Contrat said, but “it’s an exciting confirmation that we’re moving in the right direction.”

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Improving loan terms is just one way UW Credit Union is changing to meet the needs of local Latinos. More bilingual staff have been hired to handle deposits, open accounts, help customers apply for credit cards, and more. Today, 150 of the credit union’s nearly 900 employees are certified Spanish-speaking, with Spanish-speaking front-line employees at 26 of its 32 branches.

At the UW Credit Union on Fish Hatchery Road in Fitchburg, banker Jessica Ruiz smiled as a friend told her the baby news in Spanish. Ruthie Hogg

Two years ago, in an effort to attract and retain more bilingual workers, the union raised wages for bilingual workers. In qualified front-line roles, they now earn an extra $1.25 an hour.

“Like any other skill we pay for, it has value in the workplace,” Kondrat said. “We want to recognize that and compensate for that.”

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Director of Consumer Loan Operations Natalie Mendez Ponce is the driving force behind this change. When she started at the credit union eight years ago as a financial specialist at the Fitchburg branch, there weren’t enough bilingual employees to meet the demand. Spanish language meetings are booked back and take a long time as all the flyers are in English.

“I remember helping someone on the number line (in Spanish) and helping the people up front and the people in my office, because that’s when we started to join this community and spread the word of mouth,” Mendez Ponsa. Said.

She still receives calls from some customers. “They’ve grown a lot in their ability and ability … to navigate their finances. It’s good to see a lot of lending out there,” Mendez Ponce said, noting non-English speakers. There are additional risks. Some members call credit unions after receiving questionable financial offers.

“I’ve had a lot of friends stand up and say, ‘I don’t feel right,'” Mendez-Ponce said. I will check with someone I trust.

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Years of credit union work seems to be paying off. Today, 40 percent of local Latino customers bank at UW Credit Union, according to research by Coopera Consulting, which helps credit unions reach multicultural customers.

“According to their estimates, it’s going to be about 15,000 customers in the Madison area, so it’s not a small part of the business,” Kondrat said.

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