Community Services Include Free Financial Counseling

(August 23, 2006 – Washington, D.C.) Expanding its outreach to the underserved community, the Treasury Department FCU   opened a new branch and administrative office on Capitol Hill in Washington, D.C.  A ceremony marking the opening featured remarks by United States Congresswoman Eleanor Holmes Norton of Washington, D.C. and United States Treasurer Anna Escobedo Cabral.

TDFCU President and CEO, Alfred Scipio said, “The Credit Union is committed to providing additional access points for our members and to providing high quality financial services to the residents of Washington, D.C. who are ‘under banked.”

Scipio explained that the ‘under banked’ designation means, “A high percentage of the D.C. population—like many Americans across the country—have infrequent or nonexistent relationships with financial institutions, and are not taking advantage of financial services that can save them money and improve the quality of their lives.  These financial services include free financial counseling, free checking accounts with debit cards and no minimum balance requirements, and many different savings and loan options.” Added TDFCU Board Chairman Philip Carolan, “This new location reflects our commitment to make our financial products and services accessible to everyone in the Washington, D.C. area.”

“Treasury Department FCU is one of a select group of Community Development Partners of the National Federation of Community Development Credit Unions,” said Federation Executive Director Cliff Rosenthal.  “Our partners are institutions that demonstrate that serving the underserved is an important priority for all types of credit unions.  We’re especially impressed with TDFCU’s extensive community outreach at all levels – from opening an elementary school branch and working with a senior citizens group, to hosting community block parties to partnering with churches.” 

Congresswoman Norton applauded the new TDFCU Capitol Hill Branch because, “You serve a very broad group of people.”  United States Treasurer Anna Escobedo Cabral acknowledged once being a member of the underbanked and citing the exorbitant fees charged by check cashing operations stated, “It costs more to be poor.”  Treasurer Cabral said that the TDFCU branch in the heart of our nation’s capital “is all about opening doors to people who do not have a relationship with a financial institution.”

Carolan stressed that, “Anyone who lives, works, worships, or attends school in Washington, D.C. can join the TDFCU and avail themselves of our many financial products and services. Everyone within the area can now receive the same high quality financial products and services that have been provided to employees of the Treasury Department since 1935.”

TDFCU services include:
• Free financial counseling;
• Free checking account with no minimum balance requirement and a debit card;
• A wide variety of savings accounts;
• A wide variety of loans, such as personal, vehicle and real estates loans;
• Easy access thru Home Banking, BillPayer and online applications;
• Investment services

Scipio and Carolan invited individuals and groups (community and religious) interested in financial counseling and other TDFCU services to call Ms. Kenisha Bethea, Manager of Member and Business Development  at 202-289-1950, ext. 1805 to arrange an appointment to learn more about TDFCU financial services.  “TDFCU stands ready to answer all questions and serve our community,” Scipio stated.

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Nationally, 9% of U.S. residents are unbanked or underbanked.  In areas with high immigrant populations and low income residents, Washington, D.C. for example, the percentage is even higher.

The Mission of Treasury Department Federal Credit Union is to serve the financial needs of its members as a safe and sound cooperative financial institution under sponsorship of the Department of the Treasury.  www.tdfcu.org.