Find Your Financial Future: Louisiana Banks and Credit Unions

Transcription

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Find
Your
Financial
Future:
Louisiana Banks and Credit Unions
Statewide Directory
Southeast Louisiana Alliance for Economic
Inclusion (AEI)
c/o: Kevin Williams
FDIC Community Affairs
5555 Hilton Avenue, Suite 300
Baton Rouge, Louisiana 70808
Louisiana Appleseed
Christy Kane, Executive Director
909 Poydras Street
Suite 1550
New Orleans, Louisiana 70112
http://louisiana.appleseednetwork.org/
Acknowledgments
Special thanks to the W.K. Kellogg Foundation for supporting this financial access project and to the
Louisiana Bankers Association and the Louisiana Credit Union League for distributing the survey. Also,
special thanks to Louisiana Appleseed Legal Fellow Jennifer Jacobs for her dedication to this project and
for her time spent on the survey and compiling this directory. Finally, we owe gratitude to Louisiana
Appleseed volunteers Megan Haggerty Guy and Jeff Richardson of Adams and Reese, LLP, both of
whom donated pro bono time to formulate survey questions, review the directory and plan overall
strategy.
The information in this Directory is provided as a matter of public service and is for informational use
only. The information does not constitute legal or financial advice and should not be used as such.
Readers are strongly urged to contact the banks and credit unions directly to discuss the availability of
products and services. The information presented in this Directory was collected in Fall 2010 through a
survey sent to banks and credit unions statewide; it is not an exhaustive list of the respondents’ products
and services. The information presented is subject to change. The Southeast Louisiana Alliance for
Economic Inclusion and Louisiana Appleseed claim no responsibility for the accuracy of the information
provided by the financial institutions.
Find Your Financial Future:
WHY CHOOSE A BANK OR CREDIT UNION?
BANK ON YOUR FUTURE!
SAFETY ~ Carrying cash on payday or keeping large amounts of money at home can make you a target for
robbery and assault. Banks and credit unions offer a safe place to keep your money.
MONEY ~ Fees to cash checks or buy money orders to pay your bills add up. Bank or credit union accounts will
help you better control a budget and allow you to pay bills directly without money orders.
CREDIT ~ Opening a bank or credit union account can be the first step to establishing credit and becoming
eligible for loans for cars, homes and many other items.
EDUCATION ~ Banks and credit unions offer options for financing a college education – and savings accounts to
help you make that goal a reality.
CONVENIENCE ~ Using a debit card or ATM card – instead of carrying cash or writing checks – is a safe and
convenient way to make your everyday purchases.
WHAT THIS DIRECTORY OFFERS
This directory is meant to be an easy guide for learning about what Louisiana banks and credit unions
can offer customers. Many of these services are free or low-cost ways to manage your money. The first
section describes the kinds of services banks and credit unions offer. The second section lists each
service and tells you which banks and credit unions offer it. At the end, there is a list of financial terms
and what they mean. The AEI’s Committee to Address the Needs of the Unbanked and Underbanked
worked with Louisiana Appleseed to put this directory together.
WHO WE ARE
The mission of the Southeast LA Alliance for Economic Inclusion
(AEI), which was organized in 2007 by the FDIC Memphis Area Office
and other community stakeholders, is to improve the economic wellbeing of low- and moderate-income individuals and families, including
the unbanked and underserved, by improving access to the U.S. banking system. The AEI works with
financial institutions and other partners on ways to bring those currently unbanked and underserved
into the financial mainstream through innovative low-cost products and services and expanded
financial education efforts.
Louisiana Appleseed is a pro bono-focused nonprofit dedicated to advancing social
justice by effecting change at the policy, or systemic, level.
Louisiana Appleseed
recruits professionals to donate pro bono time to solve problems at their root cause.
Our projects seek to increase access to education, opportunity and justice.
“Putting your money in a bank or credit union doesn’t have to be
confusing. Choosing a bank or credit union can help you save money and
start on a path to financial freedom. This directory provides the tools to
make a smart choice that’s right for you.”
-
Christy Kane, Executive Director, Louisiana Appleseed
Table of Contents
Table of Contents A: Banks and Credit Unions - Detailed Listings………....….… 2
Table of Contents B: Innovative Products and Services - Detailed Listings…...…
3
Contact Information for Banks and Credit Unions………………………………….
4-6
Banks and Credit Unions - Detailed Listings……………………...…..……….…….
7-35
Innovative Products and Services - Detailed Listings…………………………..…... 36-54
Glossary of Financial Terms.…………………………………………...……………… 55-59
1
Table of Contents A
Banks and Credit Unions - Detailed Listings
Acadian Federal Credit Union, Lafayette, LA……………………………………………………………..…..
Agrico Chem Federal Credit Union, St. James, LA…………………………………………………………
Allied Plastics Federal Credit Union, Baton Rouge, LA…………………………………………...………
ASI Federal Credit Union, Harahan, LA…………………………………………………………………….…
Bank of Ruston, Ruston, LA……………………………………………………………………………………..
Barksdale Federal Credit Union, Bossier City, LA……………………………………………………………
Calcasieu Teachers & Employees Credit Union, Lake Charles, LA………………………………………..
Carville Employees Federal Credit Union, Carville, LA…………………………………………………….
Community Trust Bank, Monroe, LA…………………………………………………………………………..
District 05 DOTD Federal Credit Union, Monroe, LA…………………………………...…………………..
Dresser Alexandria Federal Credit Union, Tioga, LA………………………………………………………..
Fidelity Homestead Savings Bank, New Orleans, LA………………………………………………………..
First American Bank and Trust, Vacherie, LA………………………………………………………………
First Federal Bank of Louisiana, Lake Charles, LA…………………………………………………………
First Guaranty Bank, Hammond, LA…………………………………………………………………………..
First NBC Bank, New Orleans, LA……………………………………………………………………………
First Pioneers Federal Credit Union, Lafayette, LA…………………………………………………………..
Hancock Bank, Mandeville, LA…………………………………………………………………………………
IBERIABANK, Lafayette, LA………………………………………………………………………...………….
Iberville Bank, Plaquemine, LA…………………………………………………………………………………
Immaculate Heart of Mary Credit Union, Lafayette, LA…………………………………………………….
Jeff Davis Bank & Trust Co., Jennings, LA…………………………………………………………………….
Jeff Davis Bank & Trust Co., Lake Charles, LA……………………………………………………………….
Lafayette Schools’ Federal Credit Union, Lafayette, LA……………………………………………………..
Liberty Bank, New Orleans, LA…………………………………………………………………………………
Louisiana Farm Bureau Credit Union, Baton Rouge, LA…………………………………………………….
M C Bank & Trust Company, Morgan City, LA………………………………………………………………
Maple Federal Credit Union, Lafayette, LA…………………………………………………………………
Montell Federal Credit Union, Westlake, LA………………………………………………………………….
Neighbors Federal Credit Union, Baton Rouge, LA………………………………………………………..
Pelican State Credit Union, Baton Rouge, LA…………………………………………………………………
Peoples State Bank, Natchitoches, LA…………………………………………………..……………………..
Post Office Employees Federal Credit Union, Shreveport, LA……………………………………………..
Richland Parish Schools Federal Credit Union, Rayville, LA………………………………………………
Saint Martin Bank & Trust Co., St. Martinville, LA………………………………………………………….
Section 705 Federal Credit Union, Lafayette, LA……………………………………………………………..
Shell New Orleans Federal Credit Union, New Orleans, LA……………………………………………..
South Louisiana Bank, Houma, LA…………………………………………..………………………………..
St. Jules Credit Union, Lafayette, LA…………………………………………………………………………
Teche Federal Bank, Baton Rouge, LA……………………………………………………………………….
Tri Parish Bank, Eunice, LA……………………………………………………………………………………..
UNO Federal Credit Union, New Orleans, LA………………………………………………………………..
VAC Federal Credit Union, Shreveport, LA…………………………………………………………..………
Whitney National Bank, New Orleans, LA………………………………………………………………….
Wymar Federal Credit Union, Geismar, LA……………………………………………….…………..………
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8-9
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10-11
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20-21
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30-31
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33-34
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34-35
Table of Contents B
Innovative Products and Services Detailed Listings
Financial Education Programs…………………………..……………………………………………………………..
Language Assistance…………………………………………………………………………………..…………………
Stored Value Cards……………………………………………………………………………………………….……..
Loans and Mortgages
Payday Loans……………………………………………………………………………………………….…
Personal Loans below $2,500…………………………………………………………………………….…..
Micro Small Business Loans below $10,000…………………………………………………………….…..
Low-cost Mortgages……………………………………………………………………………………..……
Affordable Mortgages: alternative, portfolio-held products……………………………………….…….
Money Transfers
Wire Transfers at competitive market rate for domestic and international ……………………………
Electronic Transfer Accounts or similar for low cost money transfers……………………….………….
Contract Money Transfer Services (i.e. Western Union-type transfers)………………….………………
At least two free money orders/e-checks per month with additional offered at low or no fee………..
Check Cashing
Free and Low-fee Check Cashing Services …………………………………………………………………
Check Cashing Services at low cost relative to other alternative check cashers…………..…………….
Identification
Types of Primary Identification accepted……..……………………………………………………………..
Types of Secondary Identification accepted ……………………………...…………………………………
Accounts
Second Chance Checking……………………….……………………………………………………………
Passbook Savings Accounts……………………..……………………………………………………………
Individual Development Savings Accounts (IDAs) for a local nonprofit IDA administrator…………
Card-based Electronic Accounts…………………………………………..………………………………….
Interest-bearing Accounts……………………………………………………………………………………
Free Direct Deposit for tax refunds or pay checks.……………………………………………………..…..
Free Automatic (direct deposit) Savings…………………………………………………………………..…
Low-cost Checking Accounts………………………………………………………………………………..
Low-cost Savings Accounts……………………………………………….…………………………….…..
General same-day, or next-day from an established customer, funds availability (subject to
appropriate exceptions, e.g. large deposits)…………………………………………………………………
Banking and Bill Pay
Banking Services at non-branch locations…………………………………………………………………
Banking Services during non-traditional banking hours (not including online banking and/or
ATMs)……………………………………………………………………………………………………………
Free Electronic Statements ……………………………………………………………………………………
Free Online and Mobile Banking……………………………………………………………………………..
Free Online and Mobile Bill Pay…………………………………...…………………………………………
Low-fee Kiosk Bill Pay………………..………….……………………………………………………………
Tax Assistance - Free
Tax Returns: Assistance in filing state and federal returns……..…………………………………………
Individual Tax Identification Number (ITIN) applications processed directly……………………….....
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43-44
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Contact Information for Banks and Credit Unions
Info is from survey respondents. Please ask for the right person to handle your request.
Acadian Federal Credit Union
Barksdale Federal Credit Union
Dresser Alexandria Federal Credit
102 Sunbeam Lane
2701 Village Lane
Union
Lafayette, LA 70506
Bossier City, LA 71112
P.O. Box 700
Contact: Sandra Williams
Contact: Allison Prewett
Tioga, LA 71477-0700
Phone: 337-233-6744
Phone: 318-549-8240
Contact: Carolyn L. Guidry
E-mail: [email protected]
Phone: 318-640-6002
----------------------------------------------------
----------------------------------------------------
Agrico Chem Federal Credit Union
Calcasieu Teachers & Employees
----------------------------------------------------
9959 Highway 18
Credit Union
Fidelity Homestead Savings Bank
St. James, LA 70086
2423 Sixth Street
201 St. Charles Avenue, 20th Floor
Contact: Melanie Rhodes
Lake Charles, LA 70601
New Orleans, LA 70170
Phone: 225-474-9728
Contact: Bruce C. Thomas
Contact: Karin J. Coleman
Phone: 337-433-4525
Phone: 504-569-3451
----------------------------------------------------
E-mail:
E-mail:
Allied Plastics FCU
[email protected]
[email protected]
P.O. Box 53006
----------------------------------------------------
----------------------------------------------------
Baton Rouge, LA 70892
Carville Employees Federal Credit
First American Bank and Trust
Contact: Cindy Lee
Union
P.O. Box 550
Phone: 225-775-1082
P.O. Box 87
Vacherie, LA 70090
Carville, LA 70721
Contact: Frank J. Bourgeois
----------------------------------------------------
Contact: Melissa Mallet
Phone: 225-265-2265
ASI Federal Credit Union
Phone: 225-642-8663
5508 Citrus Boulevard
----------------------------------------------------
Harahan, LA 70123
----------------------------------------------------
First Federal Bank of Louisiana
Contact: Sarah Taylor
Community Trust Bank
1135 Lakeshore Drive
Phone: 504-733-1733 ext. 79206
1800 Hudson Lane
Monroe, LA 71203
Contact: Cheryl L. Burns
----------------------------------------------------
Contact: Shelia Grayson
Phone: 337-421-1187
Bank of Ruston
Phone: 318-998-4668
505 North Vienna Street
----------------------------------------------------
Ruston, LA 71270
----------------------------------------------------
First Guaranty Bank
Contact: Mitsy Sullivan
District 05 DOTD Federal Credit
400 East Thomas Street
Phone: 318-255-3733
Union
Hammond, LA 70401
P.O. Box 4068
Contact: Desiree Simmons
Monroe, LA 71211
Phone: 985-375-0473
Contact: Kyla Banks
Phone: 318-342-0146
4
First NBC Bank
Immaculate Heart of Mary Credit
Louisiana Farm Bureau Credit Union
210 Baronne Street
Union
9516 Airline Highway
P.O. Box 93156
Contact: Linda Nelms
905 Surrey Street
Contact: Tena Krumholt
Phone: 504-671-3843
Lafayette, LA 70509
Phone: 225-922-6405
Contact: Tammi J. Brown
----------------------------------------------------
Phone: 337-593-0591
----------------------------------------------------
First Pioneers Federal Credit Union
E-mail:
M C Bank & Trust Company
2235 South College Road Extension
[email protected]
1201 Brashear Avenue
Lafayette, LA 70508
----------------------------------------------------
P.O. Drawer 2000
Contact: Lawoka Dionne
Jeff Davis Bank & Trust Co.
Morgan City, LA 70380
Phone: 337-272-7600
1611 Elton Road
Contact: J. Michael Bourgeois
Jennings, LA 70546
Contact: Larry J. Callais
----------------------------------------------------
Contact: Ramona Louviere
Phone: 985-384-2100
Hancock Bank
Phone: 337-824-1422
2929 Highway 190
Mandeville, LA 70471
----------------------------------------------------
----------------------------------------------------
Contact: Anna Smith
Maple Federal Credit Union
Phone: 985-674-7798
4400 Nelson Road
105 Toledo Drive
E-mail:
Lafayette, LA 70506
[email protected]
Contact: Tyler Williams
Contact: Pamela Stelly
----------------------------------------------------
Phone: 337-478-4986
Phone: 337-233-6264
IBERIABANK
201 West Congress Street
----------------------------------------------------
----------------------------------------------------
Lafayette, LA 70502
Lafayette Schools' Federal Credit Union
Montell Federal Credit Union
Contact: Carrie Curet
515 Guilbeau Road
4103 Highway 108
Phone: 337-359-1575
Lafayette, LA 70506
Westlake, LA 70669
Contact: Brian Leger
Contact: K Jeanene Louviere
----------------------------------------------------
Phone: 337-989-0499 ext. 329
Phone: 337-882-6807
Iberville Bank
23405 Eden Street
----------------------------------------------------
----------------------------------------------------
P.O. Box 695
Liberty Bank
Neighbors Federal Credit Union
Plaquemine, LA 70765
6600 Plaza Drive
12529 Perkins Road
Contact: Jessica Kell
Phone: 225-692-6029
Contact: Mysheka Battiste
Contact: Dan Robichaux
Phone: 504-240-5292
Phone: 225-819-5755
5
Pelican State Credit Union
Section 705 Federal Credit Union
Tri Parish Bank
11585 Lake Sherwood Avenue North
1455 West Willow Street
P.O. Box 1029
Lafayette, LA 70529
Eunice, LA 70535
Contact: Jeff Conrad
Contact: Anna Trahan
Contact: Jamaine Brasseaux
Phone: 225-408-6126
Phone: 806-535-990
Phone: 337-546-2121
----------------------------------------------------
----------------------------------------------------
----------------------------------------------------
Peoples State Bank
Shell New Orleans Federal Credit
UNO Federal Credit Union
315 Royal Street
Union
University of New Orleans
Natchitoches, LA 71457
700 Poydras Street
Contact: LaCarsha Babers
P100
Contact: Chris Maurer
Phone: 318-238-4421
Phone: 504-280-6496
Contact: Michelle Duhe
----------------------------------------------------
----------------------------------------------------
Phone: 504-728-4853
VAC Federal Credit Union
Post Office Employees Federal Credit
P.O. Box 5668
Union
----------------------------------------------------
Shreveport, LA 71135-5668
2443 Texas Avenue
South Louisiana Bank
Contact: Dawn Ruggles
Shreveport, LA 71103
P.O. Box 1718
Phone: 318-524-0822
Contact: J D Smith
1362 West Tunnel Boulevard
Phone: 318-222-1979
Houma, LA 70360
----------------------------------------------------
Contact: Victoria Rhea
Whitney National Bank
----------------------------------------------------
Phone: 985-851-3434 ext. 261
228 St. Charles Avenue
Richland Parish Schools Federal
Credit Union
----------------------------------------------------
Contact: Kelly Mann
411 Foster Street
St. Jules Credit Union
Phone: 504-552-4885
Rayville, LA 71269
1600 North Bertrand Drive
Contact: Beverly Gresham
Lafayette, LA 70506
----------------------------------------------------
Phone: 318-728-5964
Contact: Cindy Rushing
Wymar Federal Credit Union
Phone: 337-261-1151
37269 Highway 30
----------------------------------------------------
Geismar, LA 70734
Saint Martin Bank & Trust Co.
----------------------------------------------------
Contact: Reggie Gremillion
P.O. Box 199
Teche Federal Bank
Phone: 225-339-7197
St. Martinville, LA 70582
3524 South Sherwood Forest
Contact: Mark A. Berard
Boulevard
Phone: 337-342-2880
E-mail:
Contact: Lindsey Robinson-Jones
[email protected]
Phone: 225-300-4050
6
Banks and Credit Unions
Detailed Listings
Lafayette, LA
FINANCIAL EDUCATION PROGRAMS: Offers one-on-one sessions with members and holds classes in their board room.
LOANS AND MORTGAGES
Payday Loans: Alternative product with an Annual Percentage Rate (APR) below 36% and a repayment period beyond a
single pay check cycle with streamlined underwriting
Personal Loans below $2,500 with payroll deduction savings component
MONEY TRANSFERS
Wire Transfers at competitive market rate for domestic and international
Electronic Transfer Accounts or similar for low cost money transfers
Contract Money Transfer Services (i.e. Western Union-type transfers)
CHECK CASHING
Free Check Cashing Services (if drawn on our bank) and Low-fee Check Cashing Services (if drawn on another bank)
Check Cashing Services at low cost relative to other alternative check cashers
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card
Secondary Identification accepted: Utility Bill
ACCOUNTS
Passbook Savings Accounts
Free Direct Deposit for tax refunds or pay checks
Card-based Electronic Accounts
Low-cost checking and savings accounts with low opening balance for checking ($10-$25), low ($1 for checking; $5 for
savings) or no minimum monthly balance, small monthly fee, debit card, check writing services, and an option for direct
deposit with no monthly or per item fee
BANKING AND BILL PAY
Free Electronic Statements
Free Online and Mobile Banking
Free Online and Mobile Bill Pay
St. James, LA
ACCOUNTS
Interest-bearing Accounts
Checking accounts with low ($1) or no minimum monthly balance
Allied Plastics Federal Credit Union
Baton Rouge, LA
LOANS AND MORTGAGES
Personal Loans below $2,500 with savings component
MONEY TRANSFERS
7
CHECK CASHING
IDENTIFICATION
Secondary Identification is not required
ACCOUNTS
Free Automatic (direct deposit) Savings
Low-cost checking and savings accounts with low opening balance for savings accounts ($5), low ($1 for checking; $5 for
savings) or no minimum monthly balance, no monthly maintenance fee (if minimum balance is met) for basic savings
accounts, debit card, check writing services, and an option for direct deposit with no monthly or per item fee
General same-day, or next-day from an established customer, funds availability (subject to appropriate exceptions, e.g. large
deposits) with no cut-off time for availability
ASI Federal Credit Union (ASIFCU)
Harahan, LA
FINANCIAL EDUCATION PROGRAMS: ASIFCU created an affiliate nonprofit in 2005 to promote financial literacy. The
nonprofit, A Shared Initiative, Inc., offers foreclosure prevention counseling, credit counseling, first time homebuyer
education/pre-purchase counseling and basic financial literacy.
LANGUAGE ASSISTANCE: Bilingual capabilities in Spanish and Vietnamese; bilingual personnel employed in various
branches. Two fully bilingual branches.
STORED VALUE CARDS
Stored Value Cards available
LOANS AND MORTGAGES
Payday Loans: Alternative product with an Annual Percentage Rate (APR) below 36%, a repayment period beyond a single
pay check cycle, low or no origination fees, streamlined underwriting and automatic savings with some but not all of ASI's
low-cost alternatives to predatory payday lending: low-cost savings available for all products but forced savings
component available with one product
Micro Small Business Loans below $10,000
Low-cost Mortgages
Affordable Mortgages: Alternative, portfolio-held product
MONEY TRANSFERS
At least two free money orders/e-checks per month with additional offered at low or no fee
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, Matricula Consular, Individual Taxpayer
8
ID Number, Other Foreign-issued ID (ASI accepts anything allowed under ITIN guidelines for ITIN accounts; different
guidelines apply for interest-bearing savings accounts)
Secondary Identification accepted: Mexican Voter Registration Card, Other Foreign-issued ID, Utility Bill, Others
depending on primary document
ACCOUNTS
Second Chance Checking (debit card driven)
Active Individual Development Savings Accounts (IDAs) for a local nonprofit IDA administrator
Low-cost checking and savings accounts with low opening balance ($10-25 for checking; $5 for savings), low ($1 for
checking; $5 for savings) or no minimum monthly balance, low monthly maintenance fee (up to $3) for checking accounts,
no monthly maintenance fee (if minimum balance is met) for basic savings accounts, small monthly fee, debit card, check
writing services, and an option for direct deposit with no monthly or per item fee
Banking Services at non-branch locations
TAX ASSISTANCE - FREE
Tax Returns: Assistance in filing state and federal returns
Individual Tax Identification Number (ITIN) applications processed directly for free
Bank of Ruston
Ruston, LA
STORED VALUE CARDS
LOANS AND MORTGAGES
Personal Loans below $2,500
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Individual Taxpayer ID
Number, Foreign Government-Issued Identification Passport
Secondary Identification is not required (but Utility Bill, Voter Registration Card, Social Security Card and Birth Certificate
are accepted)
ACCOUNTS
Card-based electronic accounts
Checking and savings accounts with low ($1) or no minimum monthly balance for checking, low monthly maintenance fee
(up to $3) for checking accounts, no monthly maintenance fee (if minimum balance is met) for basic savings accounts
9
Bossier City, LA
FINANCIAL EDUCATION PROGRAMS: Free seminars / classes: Checking, Budgeting, Credit 101, Home Buying, Career
and Children's Money Management.
LOANS AND MORTGAGES
single pay check cycle with streamlined underwriting
Personal Loans below $2,500 with a required savings account component
Low-cost Mortgages
MONEY TRANSFERS
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Matricula Consular,
Individual Taxpayer ID Number
Secondary Identification accepted: Utility Bill (used to confirm address)
ACCOUNTS
Second Chance Checking (Chex Systems Report required, debit card driven, check writing privileges)
checking; $5 for savings) or no minimum monthly balance, no monthly maintenance fee (if minimum balance is met) for
basic savings accounts, small monthly fee, debit card, check writing services, and an option for direct deposit with no
monthly or per item fee; accounts are interest bearing with one free corporate check per month and free single signature
travelers checks
deposits) with close of business as cut-off time for availability
Banking Services during non-traditional banking hours (not including online banking and/or ATMs)
Calcasieu Teachers & Employees Credit Union
Lake Charles, LA
LOANS AND MORTGAGES
single pay check cycle with low or no origination fees and streamlined underwriting
Personal Loans below $2,500 (free life insurance on savings accounts)
CHECK CASHING
IDENTIFICATION
Number
10
ACCOUNTS
Second Chance Checking (Chex Systems report required)
Low-cost checking and savings accounts with low opening balance ($10-25 for checking; $5 for savings), low ($1) or no
minimum monthly balance on checking accounts, low monthly maintenance fee (up to $3) for checking accounts, no
monthly maintenance fee (if minimum balance is met) for basic savings accounts, debit card, check writing services, and an
option for direct deposit with no monthly or per item fee
Carville Employees Federal Credit Union
Carville, LA
FINANCIAL EDUCATION PROGRAMS: One-on-one counseling: Manager sits with member to explain negative accounts
and develops a plan to clear items up. Also explains how to keep working towards improving credit.
LOANS AND MORTGAGES
single pay check cycle with low or no origination fees
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
ACCOUNTS
Second Chance Checking with check writing privileges; usually provided with a small service fee ($3-$5 average)
Low-cost checking accounts with low monthly maintenance fee (up to $3), small monthly fee, debit card, check writing
services, and an option for direct deposit with no monthly or per item fee
No monthly maintenance fee (if minimum balance is met) for basic savings accounts
11
Monroe, LA
FINANCIAL EDUCATION PROGRAMS: Bank at School; Money Smart; Financial Literacy
STORED VALUE CARDS
LOANS AND MORTGAGES
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Driver’s License, State ID Card
Secondary Identification accepted: Passport; Social Security Card; Other Foreign-issued ID
ACCOUNTS
Low-cost checking and savings accounts with low ($1 for checking; $5 for savings) or no minimum monthly balance, low
monthly maintenance fee (up to $3) for checking accounts, no monthly maintenance fee (if minimum balance is met) for
monthly or per item fee
12
District 05 DOTD Federal Credit Union
Monroe, LA
LOANS AND MORTGAGES
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Number
ACCOUNTS
no monthly maintenance fee (if minimum balance is met) for basic savings accounts, debit card, and an option for direct
Individual Tax Identification Number (ITIN) applications processed directly (no fee)
Dresser Alexandria Federal Credit Union
Tioga, LA
LOANS AND MORTGAGES
MONEY TRANSFERS
IDENTIFICATION
Number
ACCOUNTS
Second Chance Checking
13
Low-cost checking and savings accounts with low opening balance ($10-25) for checking, low ($1) or no minimum monthly
balance for checking, low monthly maintenance fee (up to $3) for checking accounts, no monthly maintenance fee (if
minimum balance is met) for basic savings accounts, debit card, check writing services, and an option for direct deposit with
no monthly or per item fee
New Orleans, LA
FINANCIAL EDUCATION PROGRAMS: Get Smart About Credit offered annaully to high school youth; First Time
Homebuyer Education offered all year long with non-profit partners.
LANGUAGE ASSISTANCE: Bilingual Spanish-speaking personnel.
LOANS AND MORTGAGES
Low-cost Mortgages
Affordable Mortgages: Alternative, portfolio-held product; credit score requirement is lowered with this product
IDENTIFICATION
Primary Identification accepted: Driver’s License
Secondary Identification: Utility Bill
ACCOUNTS
minimum monthly balance for checking, low monthly maintenance fee (up to $3) for checking accounts, no monthly
maintenance fee (if minimum balance is met) for basic savings accounts, small monthly fee, and an option for direct deposit
with no monthly or per item fee
Vacherie, LA
FINANCIAL EDUCATION PROGRAMS: Offered financial education classes to the local schools.
STORED VALUE CARDS
LANGUAGE ASSISTANCE: We employ two Spanish speaking tellers / csr.
LOANS AND MORTGAGES
IDENTIFICATION
14
Secondary Identification accepted: Other Foreign-issued ID
ACCOUNTS
Low-cost checking accounts with low ($1) or no minimum monthly balance for checking, low monthly maintenance fee (up
to $3) for checking accounts, no monthly maintenance fee (if minimum balance is met) for basic savings accounts, debit card,
and an option for direct deposit with no monthly or per item fee
deposits)
Lake Charles, LA
FINANCIAL EDUCATION PROGRAMS: FDIC Money Smart Financial Education, Homebuyer Education and Teach
Children to Save.
STORED VALUE CARDS
LOANS AND MORTGAGES
MONEY TRANSFERS
IDENTIFICATION
Primary Identification accepted: Driver’s License, State ID Card, Passport, Military ID Card, Federal Government ID, Local
Government ID Card with Photo
Secondary Identification accepted: Utility Bill, Original Social Security Card, Birth Certificate, Marriage License, Medicaid
Card, Student ID with Photo, Voter Registration Card, Property Tax Bill, Rental/Lease Agreement/Deed
ACCOUNTS
Second Chance Mainstream Checking (Chex Systems report required, check writing privileges, NSFs allowed)
Passbook and Statement Savings Accounts (with or without free direct deposit); Statement Savings with free direct deposit
& ATM access
Card Based Electronic Accounts – ETA and Easy Access Account with free direct deposit
Low-cost checking accounts with low opening balance ($10-25) for checking, low ($1) or no minimum monthly balance for
checking, low monthly maintenance fee (up to $3) for checking accounts, no monthly maintenance fee (if minimum balance
is met) for basic savings accounts, small monthly fee, ATM card, check writing services, and an option for direct deposit
with no monthly or per item fee; Totally Free Checking
Free Online and Mobile Banking; 24-hour account access
15
First Guaranty Bank
Hammond, LA
FINANCIAL EDUCATION PROGRAMS: Supplies financial education materials to local schools.
STORED VALUE CARDS
LOANS AND MORTGAGES
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Driver’s License, State ID Card, Foreign-Issued Passport
Secondary Identification accepted: Social Security Card
ACCOUNTS
Low-cost checking and savings accounts with low ($1 for checking; $5 for savings) or no minimum monthly balance, low
monthly maintenance fee (up to $3) for checking accounts, no monthly maintenance fee (if minimum balance is met) for
basic savings accounts, debit card, check writing services, and an option for direct deposit with no monthly or per item fee
deposits) with 4:30pm as cut-off time for availability
First NBC Bank
New Orleans, LA
LANGUAGE ASSISTANCE: Spanish-speaking and Vietnamese-speaking personnel.
LOANS AND MORTGAGES
MONEY TRANSFERS
IDENTIFICATION
Primary Identification accepted: Driver’s License, State ID Card, Individual Taxpayer ID Number, US-issued Passport, US
Military ID, US Government ID, Alien Registration Card
Secondary Identification accepted: Social Security Card, Birth Certificate, Credit/Bank Card, Police ID, School ID, Company
ID
ACCOUNTS
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Checking accounts with low monthly maintenance fee (up to $3)
Basic savings accounts with no monthly maintenance fee (if minimum balance is met), low ($5) or no minimum monthly
balance
deposits) with 2:00pm as earliest cut-off hour for availability
Lafayette, LA
LANGUAGE ASSISTANCE: Bilingual French-speaking employees.
LOANS AND MORTGAGES
Personal Loans below $2,500 with savings component (all accounts must have a savings with a minimum of $5 in it)
MONEY TRANSFERS
IDENTIFICATION
ACCOUNTS
17
Hancock Bank
Mandeville, LA
STORED VALUE CARDS
LOANS AND MORTGAGES
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID, IDs from foreign countries that
are in the ID Checking Guide and Passports that are current
ACCOUNTS
Second Chance Checking (Chex Systems report required, check writing privileges, usually provided with a small service fee
of $3-$5)
Low-cost checking and savings accounts with low opening balance ($5) for savings, low ($1 for checking; $5 for savings) or
no minimum monthly balance, low monthly maintenance fee (up to $3) for checking accounts, no monthly maintenance fee
(if minimum balance is met) for basic savings accounts, small monthly fee, debit card, check writing services, and an option
for direct deposit with no monthly or per item fee
deposits) with no cut-off time for availability with no cut-off time for availability
IBERIABANK
Lafayette, LA
FINANCIAL EDUCATION PROGRAMS: Offers FDIC Money Smart or other curriculum through NGO; NMTCs; In-School
Banking Program with a dedicated branch in an elementary school.
LOANS AND MORTGAGES
Low-cost Mortgages (we purchase some alternative mortgage products purchased from NGO's)
MONEY TRANSFERS
18
IDENTIFICATION
Primary Identification accepted: Driver’s License, State ID Card
ACCOUNTS
Low-cost checking accounts with debit card
Iberville Bank
Plaquemine, LA
FINANCIAL EDUCATION PROGRAMS: Educational presentations by employees to communities and schools in the areas
we serve.
STORED VALUE CARDS
LOANS AND MORTGAGES
Affordable Mortgages: Alternative, portfolio-held product with lowered credit score requirement
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary / Secondary Identification accepted: Any two of the following: Social Security Number/Card, Driver’s License,
State ID Card, Major Credit Card, Individual Taxpayer ID Number, Other Foreign-issued ID
ACCOUNTS
minimum monthly balance for checking, low monthly maintenance fee (up to $3) for checking accounts, no monthly
maintenance fee (if minimum balance is met) for basic savings accounts, small monthly fee, debit card, check writing
deposits) with a 5:30pm cut-off time for availability
19
Immaculate Heart of Mary Credit Union
Lafayette, LA
LOANS AND MORTGAGES
Personal Loans below $2,500 with savings component (we offer share-secured loans)
IDENTIFICATION
ACCOUNTS
Low-cost savings accounts with low opening balance ($5), low ($5) or no minimum monthly balance, no monthly
maintenance fee (if minimum balance is met) for basic savings accounts
Jennings, LA
FINANCIAL EDUCATION PROGRAMS: Offered
Lake Charles, LA
FINANCIAL EDUCATION PROGRAMS: How To Do Your Banking education for local schools.
LOANS AND MORTGAGES
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, Individual Taxpayer ID Number, Other
Foreign-issued ID
Secondary Identification accepted: Other Foreign-issued ID, Utility Bill
ACCOUNTS
basic savings accounts, small monthly fee, debit card and check writing services
deposits) with end of business as cut-off time for availability
20
Low-fee kiosk bill payment
Lafayette, LA
FINANCIAL EDUCATION PROGRAMS: Offers financial literacy courses at local schools.
LOANS AND MORTGAGES
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License
ACCOUNTS
Second Chance Checking (debit card driven, check writing privileges, NSFs allowed)
Low-cost checking and savings accounts with low ($1 for checking; $5 for savings) or no minimum monthly balance, debit
card, check writing services, and an option for direct deposit with no monthly or per item fee
Liberty Bank
New Orleans, LA
FINANCIAL EDUCATION PROGRAMS: Offers Basic Banking 101 to more advanced curriculum. Launching a new
financial education website. Offers programs for kids as young as 7. Participates in community programs and partners with
customers to provide financial literacy to their employees and clients.
LANGUAGE ASSISTANCE: Bilingual Spanish-speaking employee. Launching a new website with bilingual financial
education information as well as brochures.
LOANS AND MORTGAGES
Payday Loans: Alternative product with an Annual Percentage Rate (APR) below 36%, a repayment period beyond a single
pay check cycle, low or no origination fees, streamlined underwriting and automatic savings
21
Low-cost Mortgages
Affordable Mortgages: Alternative, portfolio-held product with lowered credit score requirement
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Major Credit Card
ACCOUNTS
Second Chance Checking (debit card driven, NSFs allowed, usually provided with an average small service fee of $3-5)
Baton Rouge, LA
LOANS AND MORTGAGES
IDENTIFICATION
Number
ACCOUNTS
Savings accounts with low ($5) or no minimum monthly balance, no monthly maintenance fee (if minimum balance is met)
for basic savings accounts
22
Morgan City, LA
LANGUAGE ASSISTANCE: Several bilingual Spanish-speaking employees; Several bilingual French-speaking employees.
LOANS AND MORTGAGES
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Major Credit Card,
Matricula Consular, Other Foreign-issued ID, Valid Passport, U.S. Government ID, U.S. Military ID, Alien Registration Card
Secondary Identification accepted: Mexican Voter Registration Card, Green Cards, Visas, Matricula Cards, Utility Bill,
Social Security Card, Voter Registration Card, Birth Certificate, Credit Card, Bank Card, State or Local Government Card,
Company ID, Police ID, Other non-pictured ID Cards
ACCOUNTS
no monthly maintenance fee (if minimum balance is met) for basic savings accounts, debit card, and an option for direct
deposits) with end of banking day when the doors are locked as cut-off time for availability
Lafayette, LA
STORED VALUE CARDS
LOANS AND MORTGAGES
MONEY TRANSFERS
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Foreign-issued Passport, US
Passport
ACCOUNTS
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basic savings accounts, debit card, check writing services, and an option for direct deposit with no monthly or per item fee
Westlake, LA
LOANS AND MORTGAGES
IDENTIFICATION
ACCOUNTS
Baton Rouge, LA
FINANCIAL EDUCATION PROGRAMS: Financial literacy for adults and school age children. Budgeting and
understanding credit reports. Two high school branches run by students.
STORED VALUE CARDS
LOANS AND MORTGAGES
single pay check cycle with low or no origination fees and a lowered credit score requirement
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Other Foreign-issued ID
Secondary Identification is not required, Utility Bill, Insurance Card
ACCOUNTS
24
Second Chance Checking (Chex Systems report required, debit card driven, NSFs allowed)
Baton Rouge, LA
FINANCIAL EDUCATION PROGRAMS: We teach Financial Literacy Workshops around the entire state of Louisiana, open
to public and members. Multiple subjects and formats are rotated.
STORED VALUE CARDS
LOANS AND MORTGAGES
Personal Loans below $2,500 with savings component (a regular share account)
Low-cost Mortgages
Affordable Mortgages: Alternative, portfolio-held product with a lowered credit score requirement
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Major Credit Card
Secondary Identification accepted: Utility Bill, various others
ACCOUNTS
Second Chance Checking (debit card driven, check writing privileges, NSFs allowed, usually provided with a small service
fee of $3-$5)
25
Peoples State Bank
Natchitoches, LA
FINANCIAL EDUCATION PROGRAMS: Financial Counseling to clients in low to moderate income areas, underbanked
and underserved areas, and families that want information on how to stop the cycle of living from pay check to pay check.
Financial Counselor, the educational material, and breakfast/lunch is provided by the institution and presented at organized
conferences by a Dave Ramsey Certified Counselor: Kelly Brantley. Offers $100 Financial Freedom Counseling Coupons to
clients denied for a loan. These are offered to provide info about increasing credit ratings, lowering monthly debt, and
increasing approval ability for future requests.
LOANS AND MORTGAGES
Personal Loans below $2,500 with a suggested savings component
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Secondary Identification accepted: Foreign-issued Passport or Military ID, Utility Bill, Work Badge with picture, Major
Credit Card
ACCOUNTS
Second Chance Checking (check writing privileges, NSFs allowed)
Low-cost checking and savings accounts with low opening balance ($10-25 for checking; $5 for savings), low monthly
maintenance fee (up to $3) for checking accounts, no monthly maintenance fee (if minimum balance is met) for basic savings
accounts, small monthly fee, debit card, check writing services, and an option for direct deposit with no monthly or per item
fee
26
Post Office Employees Federal Credit Union
Shreveport, LA
LOANS AND MORTGAGES
single pay check cycle with low or no origination fees
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Number
ACCOUNTS
Second Chance Checking (Chex Systems report required, check writing privileges)
no minimum monthly balance, no monthly maintenance fee (if minimum balance is met) for basic savings accounts, debit
card, check writing services, and an option for direct deposit with no monthly or per item fee
Richland Parish Schools Federal Credit Union
Rayville, LA
LOANS AND MORTGAGES
IDENTIFICATION
27
ACCOUNTS
basic savings accounts, and an option for direct deposit with no monthly or per item fee
St. Martinville, LA
FINANCIAL EDUCATION PROGRAMS: Bank at School Program offered in community.
STORED VALUE CARDS
LOANS AND MORTGAGES
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Matricula Consular
Secondary Identification accepted: Mexican Voter Registration Card, Other Foreign-issued ID, Utility Bill, Birth Certificate,
State ID Card
ACCOUNTS
28
Lafayette, LA
LOANS AND MORTGAGES
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
ACCOUNTS
Low-cost checking and savings accounts with low opening balance ($10-25) for checking, low ($1) or no minimum monthly
balance for checking, debit card, check writing services
Shell New Orleans Federal Credit Union
New Orleans, LA
STORED VALUE CARDS
LANGUAGE ASSISTANCE: Bilingual Spanish-speaking employee usually present at all branches. Audio response system
available in Spanish.
LOANS AND MORTGAGES
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Matricula Consular,
Individual Taxpayer ID Number, Other Foreign-Issued ID, U.S. Passport
ACCOUNTS
29
Houma, LA
FINANCIAL EDUCATION PROGRAMS: Money Smart program presented to classes at a local elementary school. Offers a
bank at school program. Helps with the Economic Literacy classes given by Catholic Social Services C.E.N.T.S. for micro
enterprise groups and teaches at the Home Buyer Education course held by Catholic Housing Services (topics include:
banking literacy, understanding the mortgage process, saving, and credit). Provides "banking literacy" classes for youth
groups and others from the community upon request.
STORED VALUE CARDS
LANGUAGE ASSISTANCE: Several bilingual Spanish-speaking employees.
LOANS AND MORTGAGES
single pay check cycle
Personal Loans below $2,500 with savings component that is not required, but customer can borrow and put the money in a
savings account to pledge to the loan to help build a credit history
Low-cost Mortgages
Affordable Mortgages: Alternative, portfolio-held product with a lowered credit score requirement
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Passport, Military License,
Resident Alien Registration Card
ACCOUNTS
no minimum monthly balance, low monthly maintenance fee (up to $3) for checking accounts, no monthly maintenance fee
(if minimum balance is met) for basic savings accounts, small monthly fee, debit card, check writing services, and an option
for direct deposit with no monthly or per item fee
Free student checking and a no fee checking account. Student savings accounts have no minimum. Also can open a "club
30
savings” account with $5.
Lafayette, LA
LOANS AND MORTGAGES
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Number, Birth Certificate, Passport
ACCOUNTS
small monthly fee, debit card, and an option for direct deposit with no monthly or per item fee
Teche Federal Bank
Baton Rouge, LA
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Driver’s License, State ID Card, Individual Taxpayer ID Number, Passport, Military ID
Secondary Identification accepted: Utility Bill, Other only if address does not match the one provided
ACCOUNTS
Second Chance Checking (debit card driven, check writing privileges, NSFs allowed)
31
Low-cost checking accounts; no monthly maintenance fee (if minimum balance is met) for basic savings accounts, debit
card, check writing services, and an option for direct deposit with no monthly or per item fee; no Chex Systems verification
Tri Parish Bank
Eunice, LA
FINANCIAL EDUCATION PROGRAMS: Usually sponsors home mortgage education, identity theft and other informative
(educational) programs.
LANGUAGE ASSISTANCE: Bilingual personnel - French
LOANS AND MORTGAGES
Personal Loans below $2,500 with savings component, but minimum to open savings account is $100, with quarterly fees
based on balances
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Driver’s License, State ID Card, Passport
Secondary Identification accepted: Matricula Consular, Foreign-issued Passports, Military-issued ID
ACCOUNTS
Second Chance Checking (Chex Systems Report required, debit card driven, check writing privileges, NSFs allowed)
Low-cost checking accounts with low opening balance ($10-25), low ($1) or no minimum monthly balance, debit card, check
32
New Orleans, LA
LOANS AND MORTGAGES
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Primary Identification accepted: Social Security Number/Card, Driver’s License, State ID Card, Foreign-issued Passport, US
Passport
ACCOUNTS
Second Chance Checking with check writing privileges
Shreveport, LA
LOANS AND MORTGAGES
Personal Loans below $2,500 with savings component ($100 deposit required for all loans)
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Secondary Identification accepted: Utility Bill, Passport
ACCOUNTS
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New Orleans, LA
FINANCIAL EDUCATION PROGRAMS: Juvenile savings program incorporates a junior bank run by students to learn
money management. Conducts homebuyer training programs and FDIC Money Smart training with nonprofit partners.
LANGUAGE ASSISTANCE: Bilingual Spanish-speaking staff in call center.
LOANS AND MORTGAGES
Affordable Mortgage: Alternative product held in portfolio, low down payment, no minimum credit score required
MONEY TRANSFERS
IDENTIFICATION
ACCOUNTS
Active Individual Development Saving Accounts (IDAs) for a local nonprofit IDA administrator
Low-cost checking and savings accounts with low ($5) or no minimum monthly balance for savings, no monthly
maintenance fee (if minimum balance is met) for basic savings accounts, small monthly fee, debit card, check writing
Geismar, LA
STORED VALUE CARDS
Stored Value Cards
LANGUAGE ASSISTANCE:
LOANS AND MORTGAGES
34
Low-cost Mortgages
MONEY TRANSFERS
CHECK CASHING
IDENTIFICATION
Number, Foreign-issued Passport
ACCOUNTS
debit card, check writing services, and an option for direct deposit with no monthly or per item fee; no monthly fee
deposits) with closing time as cut-off for availability
35
Innovative Products and Services
Detailed Listings
FINANCIAL EDUCATION PROGRAMS
Information sessions that can cover a wide variety of topics including basic financial literacy, checking, budgeting, credit counseling, first
time homebuyer education and counseling, foreclosure prevention counseling, money management, etc.
Acadian Federal Credit Union (Lafayette, LA)
Offers one-on-one sessions with members and holds classes
in their board room.
ASI Federal Credit Union (Harahan, LA)
ASIFCU created an affiliate nonprofit in 2005 to promote
financial literacy. The nonprofit, A Shared Initiative, Inc.,
offers foreclosure prevention counseling, credit counseling,
first time homebuyer education/pre-purchase counseling
and basic financial literacy.
Barksdale Federal Credit Union (Bossier City, LA)
Free seminars / classes: Checking, Budgeting, Credit 101,
Home Buying, Career and Children's Money Management.
Carville Employees Federal Credit Union (Carville, LA)
One-on-one counseling: Manager sits with member to
explain negative accounts and develops a plan to clear
items up. Also explains how to keep working towards
improving credit.
Community Trust Bank (Monroe, LA)
Bank at School; Money Smart; Financial Literacy
Fidelity Homestead Savings Bank (New Orleans, LA)
Get Smart About Credit offered annaully to high school
youth; First Time Homebuyer Education offered all year
long with non-profit partners.
First American Bank and Trust (Vacherie, LA)
Offered financial education classes to the local schools.
First Federal Bank of Louisiana (Lake Charles, LA)
FDIC Money Smart Financial Education, Homebuyer
Education and Teach Children to Save Programs
First Guaranty Bank (Hammond, LA)
Supplies financial education materials to local schools.
IBERIABANK (Lafayette, LA)
Offers FDIC Money Smart or other curriculum through
NGO; NMTCs; In-School Banking Program with a
dedicated branch in an elementary school.
Iberville Bank (Plaquemine, LA)
Educational presentations by employees to communities
and schools in the areas we serve.
Jeff Davis Bank & Trust Co. (Jennings, LA)
Jeff Davis Bank & Trust Co. (Lake Charles, LA)
How To Do Your Banking education for local schools.
Lafayette Schools' Federal Credit Union (Lafayette, LA)
Offers financial literacy courses at local schools.
Liberty Bank (New Orleans, LA)
Offers Basic Banking 101 to more advanced curriculum.
Launching a new financial education website. Offers
programs for kids as young as 7. Participates in
community programs and partners with customers to
provide financial literacy to their employees and clients.
Neighbors Federal Credit Union (Baton Rouge, LA)
Financial literacy for adults and school age children.
Budgeting and understanding credit reports. Two high
school branches run by students.
Peoples State Bank (Natchitoches, LA)
Financial Counseling to clients in low to moderate income
areas, underbanked and underserved areas, and families
that want information on how to stop the cycle of living
from pay check to pay check. Financial Counselor, the
educational material, and breakfast/lunch is provided by
the institution and presented at organized conferences by
a Dave Ramsey Certified Counselor: Kelly Brantley.
Offers $100 Financial Freedom Counseling Coupons to
clients denied for a loan. These are offered to provide info
about increasing credit ratings, lowering monthly debt,
and increasing approval ability for future requests.
Saint Martin Bank & Trust Co. (St. Martinville, LA)
Bank at School Program offered in community.
South Louisiana Bank (Houma, LA)
Money Smart program presented at a local elementary
school. Offers a bank at school program. Helps with the
Economic Literacy classes given by Catholic Social
Services C.E.N.T.S. for micro enterprise groups and
teaches at the Home Buyer Education course held by
Catholic Housing Services (topics include: banking
literacy, understanding the mortgage process, saving, and
credit). Provides "banking literacy" classes for youth
groups and others from the community upon request.
Tri Parish Bank (Eunice, LA)
Usually sponsors home mortgage education, identity theft
and other informative (educational) programs.
Whitney National Bank (New Orleans, LA)
Juvenile savings program incorporates a junior bank run
by students to learn money management. Conducts
homebuyer training programs and FDIC Money Smart
training with nonprofit partners.
36
LANGUAGE ASSISTANCE
Many financial institutions have employees who speak a wide variety of languages and who can help customers for whom English is not a
primary language. Printed materials may also be available in multiple languages.
ASI Federal Credit Union (Harahan, LA)
Bilingual capabilities in Spanish and Vietnamese; bilingual
personnel employed in various branches. Two fully
bilingual branches.
Fidelity Homestead Savings Bank (New Orleans, LA)
Bilingual Spanish-speaking personnel.
First American Bank and Trust (Vacherie, LA)
Two bilingual Spanish-speaking tellers / CSRs.
First NBC Bank (New Orleans, LA)
Spanish-speaking and Vietnamese-speaking personnel.
First Pioneers Federal Credit Union (Lafayette, LA)
Bilingual French-speaking employees.
Liberty Bank (New Orleans, LA)
Bilingual Spanish-speaking employee. Launching a new
website with bilingual financial education information as
well as brochures.
M C Bank & Trust Company (Morgan City, LA)
Several bilingual Spanish-speaking employees; Several
bilingual French-speaking employees.
Shell New Orleans Federal Credit Union (New Orleans,
LA)
Bilingual Spanish-speaking employee usually present at
all branches. Audio response system available in Spanish.
South Louisiana Bank (Houma, LA)
Several bilingual Spanish-speaking employees.
Tri Parish Bank (Eunice, LA)
Bilingual French-speaking personnel.
Whitney National Bank (New Orleans, LA)
Bilingual Spanish-speaking staff in call center.
STORED VALUE CARDS
A stored value card uses magnetic stripe technology to store information about funds that have been prepaid to the card. One example is a
gift card, which can only be used to purchase goods at a particular retailer. Another example is a multipurpose or “open-loop” card that
can be used at a wide variety of retail locations, such as a card with a Visa or MasterCard brand that can be used wherever those brands are
accepted. Unlike a debit card, which must be tied to a particular account, a person can use a stored value card even if the person does not
have an account at a bank. These cards are typically anonymous and can be used by whoever possesses the card, and thus users of stored
value cards must be careful to guard the cards against theft.
ASI Federal Credit Union, Harahan, LA
Bank of Ruston, Ruston, LA
Community Trust Bank, Monroe, LA
First American Bank and Trust, Vacherie, LA
First Federal Bank of Louisiana, Lake Charles, LA
First Guaranty Bank, Hammond, LA
Hancock Bank, Mandeville, LA
Iberville Bank, Plaquemine, LA
Maple Federal Credit Union, Lafayette, LA
Neighbors Federal Credit Union, Baton Rouge, LA
Pelican State Credit Union, Baton Rouge, LA
Saint Martin Bank & Trust Co., St Martinville, LA
Shell New Orleans Federal Credit Union, New Orleans,
LA
South Louisiana Bank, Houma, LA
Wymar Federal Credit Union, Geismar, LA
37
PAYDAY LOANS
An alternative product with an Annual Percentage Rate (APR) below 36% and a repayment period that goes beyond a single pay check
cycle. Features can include low or no origination fees, streamlined underwriting and/or automatic savings.
Acadian Federal Credit Union, Lafayette, LA
Barksdale Federal Credit Union, Bossier City, LA
Calcasieu Teachers & Employees Credit Union, Lake
Charles, LA
Carville Employees Federal Credit Union, Carville, LA
District 05 DOTD Federal Credit Union, Monroe, LA
First Pioneers Federal Credit Union, Lafayette, LA
Liberty Bank, New Orleans, LA
Post Office Employees Federal Credit Union, Shreveport,
LA
Saint Martin Bank & Trust Co., St. Martinville, LA
LA
PERSONAL LOANS BELOW $2,500
Many financial institutions offer personal loans of under $2,500 to individuals with special financial needs. These loans can sometimes be
obtained even without a credit check or without the need to put up collateral as security. The interest rates on these loans can make them
much more attractive than credit card debt. If the borrowed money is being used to purchase one specific item, retailers will sometimes
work with finance companies to make it easier for customers to obtain personal loans for that specific item. Personal loans from a financial
institution can be more flexible because they can be used for a variety of reasons, not just for the purchase of a specific product.
Allied Plastics FCU, Baton Rouge, LA
Charles, LA
Dresser Alexandria Federal Credit Union, Tioga, LA
Fidelity Homestead Savings Bank, New Orleans, LA
First NBC Bank, New Orleans, LA
IBERIABANK, Lafayette, LA
Immaculate Heart of Mary Credit Union, Lafayette, LA
Jeff Davis Bank & Trust Co., Lake Charles, LA
Lafayette Schools' Federal Credit Union, Lafayette, LA
Louisiana Farm Bureau Credit Union, Baton Rouge, LA
M C Bank & Trust Company, Morgan City, LA
Montell Federal Credit Union, Westlake, LA
Peoples State Bank, Natchitoches, LA
LA
Richland Parish Schools Federal Credit Union, Rayville,
LA
Section 705 Federal Credit Union, Lafayette, LA
LA
St. Jules Credit Union, Lafayette, LA
Tri Parish Bank, Eunice, LA
UNO Federal Credit Union, New Orleans, LA
VAC Federal Credit Union, Shreveport, LA
Whitney National Bank, New Orleans, LA
38
MICRO SMALL BUSINESS LOANS BELOW $10,000
These are short-term loans to small businesses that can be used for working capital or for the purchase of inventory, supplies, furniture,
fixtures, machinery or equipment. The average loan amount is $13,000, but can sometimes be as much as $35,000. These loans typically
cannot be used to pay existing debts or to purchase real estate. Financial institutions typically require some type of collateral and the
personal guarantees of the business owner. Loan terms are typically no more than six years, and rates are generally higher than standard
business loans, typically between 8% and 13%. Micro small business loans are a good source of funds for a business that has never before
borrowed from a bank.
LOW-COST MORTGAGES
This is a mortgage in which the borrower pays little to no points, little to no lender or third-party fees and/or little to no cash must be paid
up front. The interest rate on this type of loan is higher than a loan with standard costs. This type of mortgage is often best for borrowers
who plan to sell or refinance in a few years.
LA
LA
39
AFFORDABLE MORTGAGES: ALTERNATIVE, PORTFOLIO-HELD PRODUCT
Borrowers who have less than the full documentation, have lower credit scores, or have higher loan-to-values may not qualify for normal
prime loans. Instead, they can sometimes qualify for an Alternative A-paper or Alt-A mortgage with a higher interest rate (but a better
rate than a subprime mortgage). Portfolio-held mortgages are held by a financial institution rather than being resold to investors.
LA
WIRE TRANSFERS AT COMPETITIVE MARKET RATE FOR DOMESTIC AND INTERNATIONAL
Wire transfer is a method of electronic funds transfer from one bank account to another bank account or through a transfer of cash at an
institution set up to transfer cash via wire transfer. Many financial institutions offer wire transfers at a competitive market rate for
domestic and international transfers. Costs tend to be higher for more immediate, time-critical transactions. For international transfers,
risks associated with fluctuation in currencies may be reduced by faster wire transactions.
Allied Plastics Federal Credit Union, Baton Rouge, LA
LA
LA
40
ELECTRONIC TRANSFER ACCOUNTS OR SIMILAR FOR LOW COST MONEY TRANSFERS
Electronic Transfer Accounts, also called ETAs, are a fast and confidential way for Federal payment recipients to receive money from the
U.S. Department of the Treasury through programs such as Social Security, SSI, Railroad Retirement Board Payments, OPM Retirement,
VA Benefits, DOL/Black Lung, and Civilian or Military salary or wages. This federally insured account allows a recipient to enjoy the
safety, security and convenience of electronic payments, even if the recipient does not have a checking or savings account. The cost is no
more than $3 a month, and a recipient can withdraw money out of an ETA at least four times a month, often with no requirement to
maintain a minimum balance.
LA
Teche Federal Bank, Baton Rouge, LA
CONTRACT MONEY TRANSFER SERVICES (I.E. WESTERN UNION-TYPE TRANSFERS)
Money transfer services such as Western Union allow an individual to quickly send money to another person in another city or country
without the need to use a bank wire transfer. The recipient can receive the money simply by presenting his name and a ten digit money
transfer control number that the sender transmits separately to the recipient. This is often an ideal solution for immigrants and non-U.S.
residents who regularly transfer money abroad.
LA
LA
AT LEAST TWO FREE MONEY ORDERS / E-CHECKS PER MONTH WITH ADDITIONAL OFFERED AT LOW OR NO
FEE
41
FREE CHECK CASHING SERVICES (IF DRAWN ON THEIR BANK) AND LOW-FEE CHECK CASHING SERVICES (IF
DRAWN ON ANOTHER BANK)
Charles, LA
LA
LA
CHECK CASHING SERVICES AT LOW COST RELATIVE TO OTHER ALTERNATIVE CHECK CASHERS
LA
LA
42
TYPES OF PRIMARY IDENTIFICATION ACCEPTED
Documentation used to prove that a person is who he says that he is. Examples can include a driver’s license, state ID card, passport, Social
Security card, etc.
Financial Institution
Social
Security
Number/
Card
Driver's
License
State
ID Card
x
x
x
Allied Plastics FCU
x
x
x
x
x
Bank of Ruston
Barksdale FCU
x
x
x
x
x
x
Calcasieu Teachers &
x
x
x
x
x
x
x
x
Major
Credit
Card
Matricula
Consular
Individual
Taxpayer
ID
Number
Other
foreignissued
ID
x
x
x
x
x
x
x
Other
(see full
listings for
details)
x
Employees Credit Union
Carville Employees FCU
District 05 DOTD FCU
x
x
x
x
Dresser Alexandria FCU
x
x
x
x
Fidelity Homestead Savings
x
Bank
First American Bank and
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Trust
First Federal Bank of
x
Louisiana
First Guaranty Bank
First NBC Bank
First Pioneers FCU
Hancock Bank
x
x
IBERIABANK
Iberville Bank
Immaculate Heart of Mary CU
Lafayette Schools' FCU
Liberty Bank
Louisiana Farm Bureau CU
Neighbors FCU
Peoples State Bank
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
43
x
x
x
x
TYPES OF PRIMARY IDENTIFICATION ACCEPTED, cont.
Social
Security
Number/
Card
Driver's
License
State
ID Card
Post Office Employees FCU
x
x
x
Richland Parish Schools FCU
x
x
x
x
Section 705 FCU
x
x
Shell New Orleans FCU
x
x
x
Major
Credit
Card
Matricula
Consular
Individual
Taxpayer
ID
Number
Other
foreignissued
ID
Other
(see full
listings for
details)
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Teche Federal Bank
x
x
x
x
Tri Parish Bank
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
TYPES OF SECONDARY IDENTIFICATION ACCEPTED
Documentation used to prove that a person is who he says that he is when the primary identification documents are not enough. Example can
include a utility bill in the person’s name, a voter registration card, or a birth certificate.
FINANCIAL INSTITUTION:
Secondary ID
Mexican Voter
Other
Utility
Other
Not Required
Registration
foreign-
Bill
(see full
Card
issued
listings for
ID
details)
Allied Plastics FCU
x
x
x
x
x
x
x
x
x
x
Bank of Ruston
x
x
x
x
x
x
x
x
x
44
TYPES OF SECONDARY IDENTIFICATION ACCEPTED, cont.
FINANCIAL INSTITUTION:
Secondary ID
Mexican Voter
Other
Utility
Other
Not Required
Registration
foreign-
Bill
(see full
Card
issued
listings for
ID
details)
x
x
First Guaranty Bank
x
First NBC Bank
x
x
Hancock Bank
x
IBERIABANK
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Liberty Bank
x
x
x
x
x
Peoples State Bank
x
x
x
x
x
x
Teche Federal Bank
x
Tri Parish Bank
x
x
x
x
x
x
x
45
x
SECOND CHANCE CHECKING
Flexible checking account system which may include features such as a required Chex Systems report, debit card driven, check writing
privileges, NSFs allowed, usually provided with a small service fee ($3-$5). See full bank listing for details.
Charles, LA
LA
PASSBOOK SAVINGS ACCOUNTS
A savings account where all record of credits and debits are recorded on a passbook usually kept by the account holder. This type of
account can be appropriate for depositors who transact infrequently on their account and who do not have a need for a monthly statement.
LA
INDIVIDUAL DEVELOPMENT SAVINGS ACCOUNTS (IDAs) FOR A LOCAL NONPROFIT IDA ADMINISTRATOR
An Individual Development Account (IDA) is a matched savings account that allows low income families to save and build assets. IDAs
are often available only for restricted uses, such as purchasing a first home, pursuing post-secondary education or starting or expanding a
small business. IDAs are typically sponsored by a local non-profit organization.
46
CARD-BASED ELECTRONIC ACCOUNTS
These are typically checkless accounts, allowing withdrawals only through ATMs, point-of-sale terminals, automated clearinghouse preauthorizations, and other automated means. There may or may not be overdraft or NSF fees associated with these accounts.
LA
INTEREST-BEARING ACCOUNTS
Checking or savings accounts that earn interest.
Agrico Chem Federal Credit Union, St. James, LA
LA
LA
47
FREE DIRECT DEPOSIT FOR TAX REFUNDS OR PAY CHECKS
Direct deposit is a method of transferring funds through electronic payments without the hassle of paper checks.
Agrico Chem Federal Credit Union, St. James, LA
Charles, LA
LA
LA
FREE AUTOMATIC (DIRECT DEPOSIT) SAVINGS
Direct deposit is a method of transferring funds through electronic payments without the hassle of paper checks.
Charles, LA
Richland Parish Schools Federal Credit Union, Rayville,
LA
LA
48
LOW-COST CHECKING ACCOUNTS (See full listings for more details)
A checking account allows you to write checks or use debit or ATM cards instead of paying with cash. There is usually a
requirement for how much money is required to open an account; a $10-$25 requirement would be a “low-cost” opening balance.
There may also be a requirement for how much money must be in the account each month; some banks and credit unions have a
$1 minimum, and others have no minimum monthly balance requirement. Some banks and credit unions charge a monthly fee to
maintain an account; up to $3 would be considered a “low-cost” monthly fee. Checking accounts can have additional features,
including check writing services and an option for free direct deposit.
Low opening balance
Low ($1) or no
Low monthly
($10 - $25)
minimum monthly
maintenance
balance
fee (up to $3)
x
x
x
x
x
Bank of Ruston
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
First Guaranty Bank
x
First NBC Bank
x
x
x
x
Hancock Bank
x
x
x
Iberville Bank
x
x
x
x
x
Liberty Bank
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Peoples State Bank
x
x
x
49
LOW-COST CHECKING ACCOUNTS, cont. (See full listings for more details)
Low opening balance
($10 - $25)
Low monthly
maintenance
fee (up to $3)
x
Low ($1) or no
minimum monthly
balance
x
x
x
x
x
x
x
x
x
x
x
x
x
Tri Parish Bank
x
x
x
x
x
x
x
x
x
x
LOW-COST SAVINGS ACCOUNTS (See full listings for more details)
A savings account pays a fixed or variable interest rate on the money in your account. The higher the interest rate, the more
money your account makes. There is usually a requirement for how much money is required to open an account; a $5
requirement would be a “low-cost” opening balance. There may also be a requirement for how much money must be in the
account each month; some banks and credit unions have a $5 minimum, and others have no minimum monthly balance
requirement. If the minimum balance requirement is met, some banks and credit unions will not charge a monthly maintenance
fee for basic savings accounts. Savings accounts can have additional features, including free direct deposit.
Low opening
Low ($5) or no
No monthly
balance ($5)
minimum monthly maintenance fee (if
balance
minimum balance is
met) for basic savings
x
x
x
x
x
x
x
Bank of Ruston
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
50
LOW COST SAVINGS ACCOUNTS, cont. (See full listings for more details)
Low opening
balance ($5)
Low ($5) or no
minimum monthly
balance
No monthly
maintenance fee (if
minimum balance is
met) for basic savings
x
x
First Guaranty Bank
x
x
First NBC Bank
x
x
x
x
x
Hancock Bank
x
x
x
Iberville Bank
x
x
x
x
x
x
x
x
Liberty Bank
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Peoples State Bank
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Teche Federal Bank
x
x
x
x
x
x
x
x
x
x
x
51
GENERAL SAME-DAY, OR NEXT-DAY FROM AN ESTABLISHED CUSTOMER, FUNDS AVAILABILITY (SUBJECT TO
APPROPRIATE EXCEPTIONS, E.G. LARGE DEPOSITS)
Louisiana Farm Bureau Credit Union, Baton Rouge, LA
Montell Federal Credit Union, Westlake, LA
LA
LA
BANKING SERVICES AT NON-BRANCH LOCATIONS
LA
BANKING SERVICES DURING NON-TRADITIONAL BANKING HOURS (NOT INCLUDING ONLINE BANKING
AND/OR ATMS)
Charles, LA
LA
52
FREE ELECTRONIC STATEMENTS
LA
FREE ONLINE AND MOBILE BANKING
Charles, LA
LA
LA
53
FREE ONLINE AND MOBILE BILL PAY
Charles, LA
LA
LOW-FEE KIOSK BILL PAY
TAX RETURNS: FREE ASSISTANCE IN FILING STATE AND FEDERAL RETURNS
LA
INDIVIDUAL TAX IDENTIFICATION NUMBER (ITIN) APPLICATIONS PROCESSED DIRECTLY
An Individual Tax Identification Number (ITIN) is a nine digit processing number used by the I.R.S. and issued to individuals who are
required to have a taxpayer identification number but do not have, and are not eligible to receive, a Social Security Number. Resident and
nonresident aliens may apply for an ITIN. An ITIN begins with the number 9 and has a 7 or 8 as the fourth digit.
54
Glossary of Financial Terms
Alternative, Portfolio-held Mortgage Products: Borrowers who have less than the full
documentation, have lower credit scores, or have higher loan-to-values may not qualify for normal
prime loans. Instead, they can sometimes qualify for an Alternative A-paper or Alt-A mortgage
with a higher interest rate (but a better rate than a subprime mortgage). Portfolio-held mortgages
are held by a financial institution rather than being resold to investors.
Card-based Electronic Accounts: These are typically checkless accounts, allowing withdrawals
only through ATMs, point-of-sale terminals, automated clearinghouse pre-authorizations, and other
automated means. There may or may not be overdraft or NSF fees associated with these accounts.
Checking Account: A checking account allows you to write checks or use debit or ATM cards
instead of paying with cash. There is usually a requirement for how much money is required to open
an account; a $10-$25 requirement would be a “low-cost” opening balance. There may also be a
requirement for how much money must be in the account each month; some banks and credit unions
have a $1 minimum, and others have no minimum monthly balance requirement. Some banks and
credit unions charge a monthly fee to maintain an account; up to $3 would be considered a “lowcost” monthly fee. Checking accounts can have additional features, including check writing services
and an option for free direct deposit.
Contract Money Transfer Services: Money transfer services such as Western Union allow an
individual to quickly send money to another person in another city or country without the need to
use a bank wire transfer. The recipient can receive the money simply by presenting his name and a
ten digit money transfer control number that the sender transmits separately to the recipient. This
is often an ideal solution for immigrants and non-U.S. residents who regularly transfer money
abroad.
Credit Union: Credit unions are similar to banks, but they tend to be smaller and serve people who
are members of a particular group. For example, there are credit unions for people who work in
government, who teach in public schools, or who live in the same city or neighborhood.
55
Direct Deposit: A method of transferring funds through electronic payments without the hassle of
paper checks.
Electronic Transfer Accounts: Electronic Transfer Accounts, also called ETAs, are a fast and
confidential way for Federal payment recipients to receive money from the U.S. Department of the
Treasury through programs such as Social Security, SSI, Railroad Retirement Board Payments,
OPM Retirement, VA Benefits, DOL/Black Lung, and Civilian or Military salary or wages. This
federally insured account allows a recipient to enjoy the safety, security and convenience of
electronic payments, even if the recipient does not have a checking or savings
account. The cost is no more than $3 a month, and a recipient can withdraw money out of an ETA
at least four times a month, often with no requirement to maintain a minimum balance.
Financial Education Programs: Information sessions that can cover a wide variety of topics
including basic financial literacy, checking, budgeting, credit counseling, first time homebuyer
education and counseling, foreclosure prevention counseling, money management, etc.
Individual Development Savings Accounts (IDAs): An Individual Development Account
(IDA) is a matched savings account that allows low income families to save and build assets. IDAs
are often available only for restricted uses, such as purchasing a first home, pursuing post-secondary
education or starting or expanding a small business. IDAs are typically sponsored by a local nonprofit organization.
Individual Tax Identification Number (ITIN) Applications An Individual Tax Identification
Number (ITIN) is a nine digit processing number used by the I.R.S. and issued to individuals who
are required to have a taxpayer identification number but do not have, and are not eligible to receive,
a Social Security Number. Resident and nonresident aliens may apply for an ITIN. An ITIN begins
with the number 9 and has a 7 or 8 as the fourth digit.
Interest-bearing Accounts: Checking or savings accounts that earn interest.
Language Assistance: Many financial institutions have employees who speak a wide variety of
languages and who can help customers for whom English is not a primary language.
56
Low-Cost Mortgages: This is a mortgage in which the borrower pays little to no points, little to
no lender or third-party fees and/or little to no cash must be paid up front. The interest rate on this
type of loan is higher than a loan with standard costs. This type of mortgage is often best for
borrowers who plan to sell or refinance in a few years.
Micro Small Business Loans: These are short-term loans to small businesses that can be used for
working capital or for the purchase of inventory, supplies, furniture, fixtures, machinery or
equipment. The average loan amount is $13,000, but can sometimes be as much as $35,000. These
loans typically cannot be used to pay existing debts or to purchase real estate. Financial institutions
typically require some type of collateral and the personal guarantees of the business owner. Loan
terms are typically no more than six years, and rates are generally higher than standard business
loans, typically between 8% and 13%. Micro small business loans are a good source of funds for a
business that has never before borrowed from a bank.
NGOs: Non-governmental Organizations (NGOs) are not part of local, state or federal
government. They are usually non-profit organizations made up of voluntary associations of
members working towards a common purpose.
NSF Fees: Non-sufficient funds (NSF) is a term used by banks to indicate that a demand for
payment (such as a check) cannot be honored because insufficient funds are available in the account
on which the instrument was drawn. An NSF fee is another term for an overdraft fee.
Overdraft Fees: A fee charged when a person withdraws money from a bank account which exceeds
the available balance. Many banks will pay the amount (subject to certain limits) sought to be
withdrawn so that, for example, a check does not bounce, but will charge the bank customer for the
service of paying more than the customer’s available balance.
Passbook Savings Accounts: A savings account where all record of credits and debits are
recorded on a passbook usually kept by the account holder. This type of account can be appropriate
for depositors who transact infrequently on their account and who do not have a need for a monthly
statement.
57
Payday Loans: An alternative product with an Annual Percentage Rate (APR) below 36% and a
repayment period that goes beyond a single pay check cycle. Features can include low or no
origination fees, streamlined underwriting and/or automatic savings.
Personal Loans: Many financial institutions offer personal loans of under $2,500 to individuals
with special financial needs. These loans can sometimes be obtained even without a credit check or
without the need to put up collateral as security. The interest rates on these loans can make them
much more attractive than credit card debt. If the borrowed money is being used to purchase one
specific item, retailers will sometimes work with finance companies to make it easier for customers to
obtain personal loans for that specific item. Personal loans from a financial institution can be more
flexible because they can be used for a variety of reasons, not just for the purchase of a specific
product.
Primary Identification: Documentation used to prove that a person is who he says that he is.
Examples can include a driver’s license, state ID card, passport, Social Security card, etc.
Savings Account: A savings account pays a fixed or variable interest rate on the money in your
account. The higher the interest rate, the more money your account makes. There is usually a
requirement for how much money is required to open an account; a $5 requirement would be a “lowcost” opening balance. There may also be a requirement for how much money must be in the
account each month; some banks and credit unions have a $5 minimum, and others have no
minimum monthly balance requirement. If the minimum balance requirement is met, some banks
and credit unions will not charge a monthly maintenance fee for basic savings accounts. Savings
accounts can have additional features, including free direct deposit.
Second Chance Checking: Flexible checking account system which may include features such as
a required Chex Systems report, debit card driven, check writing privileges, NSFs allowed, usually
provided with a small service fee ($3-$5).
Secondary Identification: Documentation used to prove that a person is who he says that he is
when the primary identification documents are not enough. Example can include a utility bill in the
person’s name, a voter registration card, or a birth certificate.
58
Stored Value Cards: A stored value card uses magnetic stripe technology to store information
about funds that have been prepaid to the card. One example is a gift card, which can only be used
to purchase goods at a particular retailer. Another example is a multipurpose or “open-loop” card
that can be used at a wide variety of retail locations, such as a card with a Visa or MasterCard brand
that can be used wherever those brands are accepted. Unlike a debit card, which must be tied to a
particular account, a person can use a stored value card even if the person does not have an account
at a bank. These cards are typically anonymous and can be used by whoever possesses the card, and
thus users of stored value cards must be careful to guard the cards against theft.
Wire Transfers: Wire transfer is a method of electronic funds transfer from one bank account to
another bank account or through a transfer of cash at an institution set up to transfer cash via wire
transfer. Many financial institutions offer wire transfers at a competitive market rate for domestic
and international transfers. Costs tend to be higher for more immediate, time-critical transactions.
For international transfers, risks associated with fluctuation in currencies may be reduced by faster
wire transactions.
59
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Find Your Financial Future: Louisiana Banks and Credit Unions

Transcription

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