Category: News

CWFCU Receives Low-Income Designation

CommunityWorks Federal Credit Union

After being open for only five short months, CommunityWorks Federal Credit Union has officially received its Low-Income Designation from the National Credit Union Administration. With 80.33% of its membership documented as low-income, the credit union easily passed the regulatory test for low-income.

This designation opens many new exciting opportunities for the credit union, including access to more lending capital, deposits, and grants. This designation also recognizes CWFCU’s commitment to our mission to provide access to financial opportunities for underserved communities. As a Community Development Credit Union, CWFCU provides members with a safe and secure environment to build assets, improve credit, and access affordable financial solutions.

However,  you don’t have to be low-income to join our cause! Anyone who lives, works, worships, volunteers, or attends school in Greenville County can become a member with a deposit of just $15. 

CommunityWorks FCU Celebrates Grand Opening

CommunityWorks FCUCommunityWorks Federal Credit Union to Promote Financial Capability

Affordable Banking Solutions to Help Serve Financially Underserved in Greenville

Greenville, S.C. (September 10, 2014) – More than 200 community leaders and advocates including Mayor Knox White recently gathered to celebrate the grand opening of a new resource for affordable financial products and services in Greenville County. CommunityWorks Federal Credit Union (CWFCU) officially opened its doors with a ribbon cutting on Sept. 9 at its main office on West Antrim Drive.   As one of only four Community Development Credit Unions (CDCU) in the state, CommunityWorks FCU specializes in serving low- and moderate-income families and individuals who are financially underserved. CWFCU assists people in meeting their financial goals regardless of their financial history by providing safe options designed to help members build assets, improve credit, and enhance their financial knowledge. Members who were previously limited to high-cost alternatives can now access affordable financial solutions to pay off high interest debts and gain control of their finances.     Since its soft launch in July, CommunityWorks FCU has opened 207 new memberships and closed 50 loans, totaling $162,753. Membership is not limited to those who are financially underserved. With a potential membership of nearly 475,000, CWFCU is open to anyone who lives, works, worships, volunteers, or attends school in Greenville County, as well as businesses and other legal entities. Individuals and corporations can invest in a CWFCU savings account or Certificate of Deposit to receive a financial and social return. In addition to generating interest comparable to mainstream banks, these investments enable CWFCU to provide additional loans to help families become more financially stable. Only two forms of identification and a $15 deposit are needed to open an account.   “More than one in four families in Greenville do not actively use a bank account,” President and CEO of CommunityWorks, Inc. Deborah McKetty said. “Instead, they rely on financial services such as check cashing, payday lending or title loan companies who charge high interest rates and fees. As an alternative to these costly services, CommunityWorks FCU creates a safe place for people to access loans, build their credit and assets, pay off high interest debts, and get back on their feet and into the financial mainstream.”   CWFCU is sponsored by CommunityWorks, Inc., a non-profit community development financial institution, with support from the United Way of Greenville County, Hollingsworth Funds, TD Bank, and CertusBank, and chartered by the National Credit Union Administration (NCUA). For more information, visit www.communityworksfcu.org or call 864-438-2421.