Everything You Need To Know About Latino Credit Unions & Where to Find One
Owning a bank account means gaining access to credit to help you acquire a home, a car, or get a student or personal loan. Banks tend to favor existing customers, particularly those who manage their money well. The only problem is that some people have difficulty getting the documentation needed to open a bank account.
Immigrants have difficulty getting access to credit unions and subsequently can't get loans with good rates or sometimes even satisfactory customer service to point them in the right direction. This is why Latino credit unions offer vital services to this minority group in our society.
What is a Latino Credit Union?
Latino-friendly credit unions are non-profit corporations targeting the Hispanic community. Members can borrow from pooled resources at low-interest rates. A Hispanic credit union can also provide traditional banking services to its clients. Some of these credit unions have grown over the years, accommodating thousands of Hispanic members.
Large corporations, organizations, and other entities can form a credit union for Latino employees. Credit unions are created, managed and run by their members. Because of this makeup, these are non-profit enterprises that enjoy tax-free status.
Here are a few credit union facts you should know:
- Credit unions are exempt from paying taxes only if they operate as a non-profit
- Credit unions provide traditional banking services for their clients and offer the best banking services for those who need good loan interest rates.
- Credit Unions have fewer options than a traditional bank. On the flip side, the very low interest rates more than make up for that. The unions can afford these rates because they are not publicly traded and only need to make enough money to sustain daily operations.
- In addition, credit unions have considerably fewer physical locations than banks which makes them cheaper to run but harder to offer in-person customer services.
The Different Types of Hispanic Credit Unions
There are many ways to categorize credit unions. We have split Latino credit unions into three different types based on the target audience, but there is also the categorization based on whether they are federal or state-backed and regulated.
1. Community Credit Unions
These are credit unions that offer their services to people who live and work in a particular area. These organizations provide various benefits to the community, including employment opportunities and community improvement initiatives. An excellent example of a Latino community credit union is Cooperativa Latino.
2. Latino-Friendly Military Credit Unions
Many departments and industries offer employees an opportunity to join a credit union, including military service members. To make access to their services easier, Latino-friendly credit unions for service personnel have their offices located close to the military bases, sometimes even within the premises.
3. Latino College Credit Unions
Many tertiary learning institutions offer credit union accounts for students and staff members. They are an excellent way to start one’s financial life on the right note. Numerous college campuses set up a credit union on the premises that allow students to access it quickly.
Federal vs. State Credit Unions
We can split government-backed credit unions into state and federal chattered unions. Both provide similar services to their account holders. The only difference between the two is that federal credit unions are regulated by the National Credit Union Administration.
In contrast, State-chartered credit unions like those in California are regulated and supervised by the State's supervisory authority. Both of these governing bodies oversee the insurance of your deposits up to a certain pre-determined amount, usually $250,000.
Hispanic-American Banks and Credit Unions By State
These are some of the Juntos Avanzamos-designated credit unions dedicated to helping Latino communities across the US:
|Alabama||Address / Phone|
|Alabama CU, 3101 AL-157, Cullman, AL 35058 / (888) 817-2002|
|Demopolis FCU||Demopolis FCU, 106 E Washington St., Demopolis, AL 36732 / (334) 289-4686|
|NRS CD FCU||NRS CD FCU, 7400 London Ave., Birmingham, AL 35206 / (205) 833-3556|
|Sixth Avenue Baptist FCU||Sixth Avenue Baptist FCU, 1101 Martin Luther King Jr. Dr. SW, Birmingham, AL 35211 / (205) 322-6654|
|Tongass FCU||Tongass FCU, 2000 Tongass Ave., Ketchikan, AK 99901 / (907) 225-9063|
|AEA FCU, 1780 S 1st Ave., Yuma, AZ 85364 / (928) 783-8881|
|First American CU||First American CU, 1001 N. Pinal Ave., Casa Grande, AZ 85122 / (520) 836-8848|
|MariSol FCU||MariSol FCU, 1515 W. Roosevelt St., Phoenix, AZ 85007 / (602) 252-6831|
|Pyramid FCU||Pyramid FCU, 7740 E. Speedway Blvd., Tucson, AZ 85710 / (520) 721-5099|
|Tucson Old Pueblo CU||Tucson Old Pueblo CU, 2500 E. 22nd St., Tucson, AZ 85713 / (520) 881-6262|
|Diamond Lakes FCU||Diamond Lakes FCU, 7333 Hwy 270, Malvern, AR 72104 / (501) 332-6530 ||
|TruService Community FCU||TruService Community FCU, 11001 Hermitage Rd., Little Rock, AR 72221 / (501) 225-3636 ||
|UP FCU||UP FCU, 1101 Vine St. North Little Rock, AR 72115 / (501) 374-2190 ||
|Cooperative Center FCU||Cooperative Center FCU, 2001 Ashby Ave., Berkeley, CA 94703 / (510) 845-6428|
|Educational Employees CU||Educational Employees CU, 2222 W Shaw Ave., Fresno, CA 93755 / (800) 538-3328|
|Episcopal Community FCU||Episcopal Community FCU, 840 Echo Park Ave., Los Angeles, CA 90026 / (213) 482-2040 ||
|Kinecta FCU||Kinecta FCU, 1440 Rosecrans Ave., Manhattan Beach, CA 90266 / (800) 854-9846|
|Mission FCU||Mission FCU, P.O. Box 919023, San Diego, CA 92191 / (858) 524-2850|
|Northeast Community FCU||Northeast Community FCU, 683 Clay St., San Francisco, CA 94111 / (415) 434-0738|
|Pasadena Service FCU||Pasadena Service FCU, 670 N Rosemead Blvd., Pasadena, CA 91107 / (626) 351-9655|
|Santa Ana FCU||Santa Ana FCU, 800 W Santa Ana Blvd., Santa Ana, CA 92701 / (714) 834-1341|
|Santa Cruz Community CU, 324 Front St., Santa Cruz, CA 95060 / (831) 425-7708|
|Self-Help FCU||Self-Help FCU, 1330 Broadway, Ste. 604, Oakland, CA 94612 / (707) 552-4550|
|Strata FCU||Strata FCU, 1717 Truxtun Ave Bakersfield, CA 93302 / (661) 327-9461|
|USC CU||USC CU, 3720 S Flower St., Fl. 4, Los Angeles, CA 90007 / (213) 821-7100|
|Wescom Central FCU||Wescom Central FCU, 123 S Marengo Ave., Pasadena, CA 91101 / (888) 493-7266|
|Aventa CU||Aventa CU, 2735 Dublin Blvd. Colorado Springs, CO 80918 / (719) 482-7600|
|Community Choice CU||Community Choice CU, 6921 E. 72nd Ave., Commerce City, CO 80022 / (303) 287-8025|
|Harrison FCU||Harrison FCU, 1060 Harrison Rd., Colorado Springs, CO 80905 / (719) 527-1358|
|NuVista FCU||NuVista FCU, 2711 Commercial Way, Montrose, CO 81401 / (970) 249-8813|
|Cencap FCU||Cencap FCU, 443 Franklin Ave., Hartford, CT 06114 / (860) 722-8110|
|CrossPoint FCU||CrossPoint FCU, 105 Sanford St, Hamden, CT 06514 / (203) 288-1695|
|East End Baptist Tabernacle FCU||East End Baptist Tabernacle FCU, 548 Central Ave., Bridgeport, CT 06607 / (203) 333-3036|
|Members CU||Members CU, 126 E Putnam Ave., Cos Cob, CT 06807 / (203) 622-6050|
|Stepping Stones Community FCU||Stepping Stones Community FCU, 603 N. Church St., Wilmington, DE 19801 / (302) 883-4582|
|Tidemark FCU||Tidemark FCU, 1941 Bridgeville Hwy, Seaford, DE 19973 / (302) 629-0100|
|District of Columbia (DC)|
|DC CU||DC CU, 2000 14th St. NW, 2nd Fl., Washington, DC 20009 / (877) 784-5551|
|Mount Airy Baptist Church FCU||Mount Airy Baptist Church FCU, 1100 N. Capitol St., NW, Washington, DC 20002 / (202) 789-2271|
|Alive CU||Alive CU, 9790 Touchton Rd., Jacksonville, FL 32246 / (904) 296-1292|
|Florida A & M University (FAMU) FCU||Florida A & M University (FAMU) FCU, 1610 South Monroe St., Tallahassee, FL 32301 / (850) 222-4541|
|Grow Financial FCU||Grow Financial FCU, P.O. Box 89909 Tampa, FL 33689 / (800) 839-6328|
|Guardians CU||Guardians CU, 3469 Summit Blvd., West Palm Beach, FL 33406 / (561) 686-4006|
|Orlando FCU, 1117 S. Westmoreland Drive, Orlando, FL 32805 / (407) 835-3521|
|Priority CU||Priority CU, 301 E. Michigan St., Orlando, FL 32806 / (407) 425-2561|
|Tampa Bay FCU||Tampa Bay FCU, 3815 N. Nebraska Ave., Tampa, FL 33603 / (813) 247-4414|
|1st Choice CU||1st Choice CU, 315 Auburn Ave., NE, Atlanta, GA 30303 / (404) 832-5800|
|B.O.N.D. Community FCU, 433 Moreland Ave., NE, Atlanta, GA 30307 / (404) 525-0619|
|CU of Atlanta||CU of Atlanta, 670 Metropolitan Pkwy., Atlanta, GA 30310 / (404) 658-6465|
|Clarity CU||Clarity CU, 1822 N Midland Blvd., Nampa, ID 83653 / (208) 467-6583|
|Latah FCU||Latah FCU, 912 S. Washington St., Moscow, ID 83843 / (208) 882-0232|
|Lewis Clark CU||Lewis Clark CU, 1626 17th St., Lewiston, ID 83501 / (208) 746-7233|
|Chicago Municipal Employees FCU||Chicago Municipal Employees FCU, 18 S Michigan Ave., Ste 1000, 60603 / (312) 236-2326|
|Fellowship Baptist Church CU||Fellowship Baptist Church CU, 4543 S. Princeton Ave., Chicago, IL 60609 / (773) 924-3232|
|Lampco FCU||Lampco FCU, 5411 Dr Martin Luther King Jr Blvd., Anderson, IN 46013 / (765) 649-9226|
|South Side Community FCU||South Side Community FCU, 5401 S. Wentworth Ave., Ste. 25, Chicago, IL 60609 / (773) 548-5500|
|Unified Homeowners of Illinois FCU||Unified Homeowners of Illinois FCU, 4464 N. Milwaukee Ave., Chicago, IL 60630 / 773-283-9340|
|Financial Health FCU||Financial Health FCU, 1515 N Senate Ave., Indianapolis, IN 46202 / (317) 963-1199|
|Natco CU||Natco CU, 582 S. Round Barn Rd., Richmond, IN 47375 / (765) 962-2561|
|Notre Dame FCU||Notre Dame FCU, 1828 Moreau Dr., Notre Dame, IN 46556 / (574) 400-4660|
|Affinity CU||Affinity CU, 475 NW Hoffman Ln., Des Moines, IA 50313 / (515) 288-7225|
|Collins Community FCU||Collins Community FCU, 1150 42nd St. NE, Cedar Rapids, IA 52410 / (319) 393-9000|
|The Family FCU||The Family FCU, 1530 W 53rd St., Davenport, IA 52806 / (563) 388-8328|
|EquiShare CU||EquiShare CU, 405 E. Central Ave., Wichita, KS 67202 / (316) 263-6171|
|Heartland CU||Heartland CU, 900 E. 23rd Ave, Hutchinson, KS 67502 / (800) 428-8472|
|Park Community CU||Park Community CU, 2515 Blankenbaker Pkwy., Louisville, KY 40299 / (502) 968-3681|
|East Baton Rouge Teachers FCU||East Baton Rouge Teachers FCU, 4836 Plank Rd., Baton Rouge, LA 70805 / (225) 355-8896|
|Iberville FCU||Iberville FCU, 57920 Fort Street, Plaquemine, LA 70764 / (225) 687-4836|
|Maple FCU||Maple FCU, 105 Toledo Dr, Lafayette, LA 70506 / (337) 233-6264|
|NAS JRB CU||NAS JRB CU, 400 Russell Ave., New Orleans, LA 70143 / (504) 678-9595|
|New Orleans Firemen's FCU||New Orleans Firemen's FCU, 4401 W. Napoleon Ave., Metairie, LA 70001 / (504) 889-9090|
|Section 705 FCU||Section 705 FCU, 1455 W Willow St. Lafayette, LA 70506 / (337) 232-8450|
|Southern Teachers & Parents FCU||Southern Teachers & Parents FCU, 728 Harding Blvd., Baton Rouge, LA 70807 / (225) 775-8597|
|Community CU||Community CU, 144 Pine St. Lewiston, ME 04240 / (207) 783-2096|
|MECU of Baltimore, Inc.||MECU of Baltimore, Inc., One South St., Baltimore, MD 21202 / (410) 752-8313|
|Mount Lebanon FCU||Mount Lebanon FCU, 2812 Reisterstown Rd., Baltimore, MD 21215 / (410) 225-0030|
|Mid-Atlantic FCU||Mid-Atlantic FCU, 12820 Wisteria Dr, Germantown, MD 20874 / (301) 944-1800|
|Freedom CU||Freedom CU, 1976 Main St. Springfield, MA 01103 / (413) 774-9909|
|Greylock FCU||Greylock FCU, 150 W. St., Pittsfield, MA 01201 / (413) 236-4000|
|Astera CU||Astera CU, 111 S. Waverly Rd., Lansing, MI 48917 / (517) 323-3696|
|United Bay Community CU||United Bay Community CU, 1309 North Lincoln Ave., Bay City, MI 48708 / (989) 892-4597|
|Advia FCU||Advia FCU, 4308 West Main St., Kalamazoo, MI 49006 / (269) 382-9845|
|Hiway CU||Hiway CU, 111 Empire Dr., St. Paul, MN 55103 / (651) 291-1515|
|Hope CU||Hope CU, 4 Old River Pl., Ste. A, Jackson, MS 39202 / (601) 944-1100|
|Mississippi FCU||Mississippi FCU, 2500 N State St. Jackson, MS 39296 / (601) 351-9200|
|Assemblies Of God CU, 1535 N. Campbell Ave., Springfield, MO 65803 / (417) 831-4398|
|Holy Rosary CU||Holy Rosary CU, 533 Campbell, Kansas City, MO 64106 / (816) 221-2734|
|St. Louis Community CU||St. Louis Community CU, 3651 Forest Park Ave., St. Louis, MO 63108 / (314) 534-7610|
|Clearwater CU||Clearwater CU, 3600 Brooks St., Missoula, MT 59801 / (406) 523-3300|
|Trius FCU||Trius FCU, 2915 2nd Ave., Kearney, NE 68847 / (308) 234-9311|
|New Community FCU, 274 S. Orange Ave., Newark, NJ 07103 / (973) 621-5624|
|1st Bergen FCU||1st Bergen FCU, 93-95 Main St., Hackensack, NJ 7601 / (201) 968-0202|
|First Financial CU||First Financial CU, 6100 Coors Blvd. NW STE J, Albuquerque, NM 87120 / (505) 766-5600|
|Guadalupe CU||Guadalupe CU, 3601 Mimbres Ln., Santa Fe, NM 87507 / (505) 982-8942|
|Rio Grande CU||Rio Grande CU, 301 Rio Bravo Blvd. SE, Albuquerque, NM 87105 / (505) 262-1401|
|US Eagle FCU||US Eagle FCU, 5201 Antequera Rd NW, Albuquerque, NM 87120 / (505) 342-8888|
|1199 SEIU FCU||1199 SEIU FCU, 310 W. 43rd St., New York, NY 10036 / (212) 957-1055|
|Brooklyn Cooperative FCU||Brooklyn Cooperative FCU, 1474 Myrtle Ave., Brooklyn, NY 11237 / (718) 418-8232|
|Lower East Side People's FCU||Lower East Side People's FCU, 37 Ave. B, New York, NY 10009 / (212) 529-8197|
|NY Firefighters Bravest FCU||NY Firefighters Bravest FCU, 532 Central Ave. Albany, NY 12206 / (518) 453-9748|
|Transfiguration Parish FCU||Transfiguration Parish FCU, 429 Broadway, Brooklyn, NY 11211 / (718) 388-0729|
|Urban UpBound FCU||Urban UpBound FCU, 13-03B 40th Ave., Long Island City, NY 11101 / (718) 784-5050|
|Charlotte Metro FCU||Charlotte Metro FCU, 718 Central Ave., Charlotte, NC 28204 / (704) 375-0183|
|Civic FCU||Civic FCU, 3600 Wake Forest Rd., Raleigh, NC 27609 / (919) 755-0534|
|Greater Cleveland Community CU||Greater Cleveland Community CU, 601 Lakeside Avenue Room 3, Cleveland, OH, 44114 / (216) 664-2217|
|Toledo Urban FCU||Toledo Urban FCU, 1339 Dorr St., Toledo, OH 43607 / (419) 255-8876|
|Allegiance CU||Allegiance CU, 4235 N. Meridian Ave., Oklahoma City, OK 73157 / (405) 717-9136|
|Tinker FCU||Tinker FCU, 4140 West I-40 Service Road, Oklahoma City, OK 73108 / (405) 732-0324|
|Ironworkers USA FCU||Ironworkers USA FCU, 11620 NE. Ainsworth Cir. #400, Portland, OR 97220 / (503) 774-3848|
|Point West CU||Point West CU, 718 NE. 12th Ave., Portland, OR 97232 / (503) 546-5000|
|Cutting Edge FCU||Cutting Edge FCU, 4620 SE International Way Ste. 105, Milwaukie, OR 97222 / (503) 653-4392|
|East End Food Co-op FCU||East End Food Co-op FCU, 7516 Meade St., Pittsburgh, PA 15208 / (412) 243-2574|
|Everence FCU||Everence FCU, 2160 Lincoln Hwy. E., Ste. 20, Lancaster, PA 17602 / (800) 451-5719|
|Brookland FCU||Brookland FCU, 1058 Sunset Blvd., West Columbia, SC 29169 / (803) 794-9201|
|Caro FCU||Caro FCU, 4480 Rosewood Dr., Columbia, SC 29209 / (803) 227-5555|
|Neighbors United FCU||Neighbors United FCU, 218 Birchtree Dr., Greenwood, SC 29649 / (864) 941-890|
|Lakota FCU||Lakota FCU, Lakota Trade Center, Ste. 103/104, Kyle, SD 60619 / (605) 455-1515|
|Leaders FCU, P.O. Box 10008 Jackson, TN 38308 / (800) 227-1893|
|Coastal Community FCU||Coastal Community FCU, 2302 Church St., Galveston, TX 77550 / (409) 765-6067|
|El Paso Area Teachers FCU||El Paso Area Teachers FCU, 12020 Rojas Dr. El Paso, TX 79936 / (915) 843-8328|
|Empowerment CD FCU||Empowerment CD FCU, 6011 W. Orem, Houston, TX 77085 / (713) 728-2515|
|First Central FCU, 6201 Sanger Ave., Waco, TX 76710 / (254) 776-9333|
|GECU of El Paso||GECU of El Paso, 1225 Airway Blvd., El Paso, TX 79925 / (915) 778-9221|
|Light Commerce CU||Light Commerce CU, 11235 Crown Park, Houston, TX 77067 / (281) 876-7576|
|Resource One CU||Resource One CU, 1200 Belleview St., Dallas, TX 75215 / (888) 679-5054|
|River City FCU||River City FCU, 610 Augusta St., San Antonio, TX 78215 / (210) 225-6866|
|Star of Texas FCU||Star of Texas FCU, 114 E. Huntland Dr., Austin, TX 78752 / (512) 458-8253|
|Team Financial FCU||Team Financial FCU, 10959 Ella Blvd., Houston, TX 77018 / (713) 316-9999|
|American United FCU||American United FCU, 2687 W 7800 S. West Jordan, UT 84088 / (801) 359-9600|
|Opportunities CU||Opportunities CU, 25 Winooski Falls Way, Ste. 203, Winooski, VT 05404 / (802) 654-4540|
|Richmond Heritage FCU||Richmond Heritage FCU, 50 W Commerce Rd, Richmond, VA 23224 / (804) 233-8872|
|Chartway FCU||Chartway FCU, 160 Newtown Rd., Virginia Beach, VA 23462 / (757) 552-1000|
|Express CU||Express CU, 1930 6th Ave. S #104, Seattle, WA 98134 / (206) 622-1850|
|Gesa CU||Gesa CU, 51 Gage Blvd. Richland, WA 99352 / (509) 378-3100|
|Sound CU||Sound CU, P.O. Box 1595 Tacoma, WA 98401 / (253) 383-2016|
|Element FCU||Element FCU, 3418 MacCorkle Ave, SE, Charleston, WV 25304 / (304) 721-4145|
|Brewery CU||Brewery CU, 1351 N. Dr. Martin Luther King Jr. Dr., Milwaukee, WI 53212 / (414) 273-3170|
|Altra FCU||Altra FCU, 1700 Oak Forest Drive, Onalaska, WI 54650 / (608) 787-4500|
How to Choose the Right Latino Credit Union
When choosing a bank or a credit union, these are the factors you should take into consideration.
Larger credit unions and organizations usually offer more services and flexibility with transactions. On the other hand, smaller organizations might have better customer service.
All credit unions should be insured, so your money is protected. This ensures that members can be reimbursed in the unfortunate event that the credit union should fail.
Think about how long it would take you to get to the union's offices if you need in-person services right away. If it takes more than an hour to get there, it probably isn’t a good idea to open an account there.
A customer care agent can offer any information you need concerning company-specific protocols and offers that can benefit you as a client. You can also go online and read some of the reviews left by previous and current account holders. You can tell a lot about how a credit union values its clients by observing how they respond to customer complaints.
The Benefits of Joining a Latino Credit Union
Lower Interest Rates
Joining a Latino credit union allows you to borrow money at low-interest rates giving you the chance to pay back your loan comfortably.
Creating a Savings Culture
Being able to save a portion of your income plays a crucial role in good money management. Credit unions encourage their members to save by offering higher loan limits to those with better savings.
Credit union savings are known to attract a sizable dividend based on the amount of money you have saved up. The unions can afford this because they do not have to pay taxes, thanks to their non-profit status.
How to Join a Latino Community Credit Union
It is not hard to join a credit union as a Latino. Applicants can provide foreign identification such as a Hispanic passport or national ID. Once you have presented your application papers online, you will receive a response within a few working days. A credit union like Cooperativa Latino will also let you present documents such as your credit history, including records of rent or utility payments.
What is the main purpose of a credit union?
A credit union's primary purpose is to encourage members to save a portion of their income. A secondary function of any such institution is to offer its clients loans at low interest rates. Credit union clients also enjoy higher dividends for their savings because they are non-profit organizations. This means that instead of using their profits to pay stockholders, they plow back the returns to members in the form of dividends or improved services.
What are the two types of credit unions?
There are many ways to group credit unions. The primary division is between federal and state credit unions. Membership rules and other factors are similar - the difference is that federal unions are regulated and insured by the National Credit Union Administration while state ones are within the jurisdiction of the state governments.
Which credit union is best for credit?
The Navy Federal credit union offers the best credit options for its members. Their clients enjoy accessible ATMs that Latinos can access across the United States. The Cooperativa Latino Credit Union is also a good option as they offer the best credit rates in most states.
How do I choose a credit union?
When selecting a credit union, look for the union's benefits and match them with your current goals and needs. Then look into how accessible the union's banking services are to clients in different regions. Don't forget to check whether the union is insured. A larger Latino credit union is likely to offer more services and features, while smaller institutions provide better support. Make sure to do your research thoroughly before signing up with any credit union.
Albert Einstein is said to have identified compound interest as mankind’s greatest invention. That story’s probably apocryphal, but it conveys a deep truth about the power of fiscal policy to change the world along with our daily lives. Civilization became possible only when Sumerians of the Bronze Age invented money. Today, economic issues influence every aspect of daily life. My job at Fortunly is an opportunity to analyze government policies and banking practices, sharing the results of my research in articles that can help you make better, smarter decisions for yourself and your family.
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