May 1, 2024 • 20 mins
Discover pathways to financial inclusion with Small Talks for Big Change. Join host Michele Enriquez and guests Ivonne Ortega and Leo Rosales from Patelco Credit Union as they discuss serving the underserved. Uncover strategies to break barriers to access and affordability, providing vital financial education and resources. Tune in to be part of the movement toward financial wellbeing for all.
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Episode Transcript
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(00:00):
Thanks for joining today's episodeof Small Talks for Big Change, where
(00:03):
we help simplify financial topics tohelp with your financial wellness.
My name is Michelle Enriquez, yourhostess here at Patelco Credit Union,
and I'm super excited today becausewe've got two guests that are doing
some great work out in the community.
And here at Patelco, we talk a lot aboutsupporting our communities and serving the
underserved and serving the underbanked.
(00:24):
And Patelco does that reallyeffectively Patelco team
members that are on the ground.
meeting the community where theyare and providing education.
They're building trust, providingaccess to tools, and helping
improve their financial situations.
And today we're going to unpack whatfinancially underserved even means
and just break some stigma aroundaccess and affordability to products
(00:46):
and services and financial education.
We've got two Patelco wellness teammembers who are making a big impact.
So, welcome to the studio,financial wellness partner, Yvonne
Ortega and Leo Rosales, SeniorCommunity Engagement Specialist.
Welcome, guys.
Thank you.
We're happy to be here.
I'm so excited that you guys are here.
(01:07):
I love that we get to do this work outin the community, so I really want you
guys to share more about what that is.
But let's talk first about whatwe mean when we refer to the
unbanked, underbanked, underserved.
Yvonne, let's start with you.
Help us understand what that means to us.
So in my experience out in the field, I'velearned that when it comes to unbanked
and underbanked households in the U.
(01:28):
S., there's a lot of fear andmistrust with financial institutions.
Some people never learn aboutfinances until they were adults
and had no choice but to use thefirst option available to them.
According to the 2021 FDIC surveyof unbanked and underbanked
households, an estimated 4.
5 percent of U.
S.
households, approximately 5.
9 million, were considered unbankedin 2021, meaning that no one in the
(01:53):
household had a checking or savingsaccount at a bank or credit union.
Some of the reasons for not having a bankaccount they don't have enough money
to meet minimum balance requirements,and the most cited reason, they
don't trust financial institutions.
People didn't experience talkingabout money in their households or
schools, so it's the lack of accessto financial services and financial
(02:15):
education that made it difficult tolearn about all these resources and
options available, which creates moremistrust within financial institutions.
There is a lot of stigmas around havingblemishes in the past, as well as
misconceptions about their immigrationstatus and the ability to open accounts.
Predatory lending is prevalentin low income communities.
(02:36):
And with check cashing services,exploiting individuals who rely on these
services for their financial needs.
Predatory lenders target thosewith limited access to traditional
banking by offering highinterest loans with hidden fees.
This can trap borrowers in a cycleof debt and financial instability.
It's important for individualsin these communities to be aware
(02:58):
of predatory lending and seekalternative, more transparent,
affordable financial solutions.
Oh, I hear that so much.
Don't you hate.
The fact that check cashers chargeto cash checks, but also those
payday lending rates, they kill me.
It's terrible.
And it's, it almost feels likeit's the only option available.
But when it comes to financialliteracy programs and the community
(03:20):
organizations that can help and educate,empower individuals, it's helping them
make informed financial decisions.
And that's where we come in andplay a big role in their lives.
Immigration status and bankinghave a unique connection.
Understanding how they interactcan help avoid financial pitfalls.
There are myths about immigrants accessto banking services that need debunking.
(03:42):
Immigrants face challenges inaccessing these services, but can
combat predatory financial practices.
And empowering immigrants infinancial decision making is crucial.
So, understanding Um, and andit's essential for managing money
effectively in a foreign country.
So as a financial wellness team it'swithin our role to assist the unbanked and
(04:08):
underbanked households, overcoming thesechallenges with opening bank accounts,
taking the steps to provide clearinformation through various channels,
benefits, and bank account processes.
For us as a team, we do our best to goout and make connections with non profit
organizations different Patelco at Workpartnerships that really help us out.
(04:31):
reach the masses, right?
We want to know how we can help andbe there, you know, frontline support.
So for us, it's really important to secureand help them find affordable solutions.
Yeah, thank you for that.
We know that knowledge is power, right?
That's the whole reason we do what we do.
And it's not just new folks thatare coming to the country, right?
(04:52):
We educate students, we educatepeople with a lot of means.
It's people with not muchmeans, but knowledge is power.
And the more that we can empowereveryone about what their options
are, the better in an effort to helpwith their financial wellness, right?
But when we do talk about immigrantsand folks that are new to the
country, you know, our bankingsystem can be a lot different.
A lot of cash based economies thatyou know they're used to working
(05:16):
in and just understanding theAmerican banking system can be a lot.
So that's where the educationreally comes in and is really key.
Leo how about you?
You're on the ground aroundall our service area.
We're talking San Francisco, Sacramentodown to the South Bay and you're seeing
all these different types of groups.
What's a common need that you see most?
(05:36):
Yeah.
By the way, Vani, all great points.
Each one of those is whatwe, we see in the community.
What I see in the community is accessto free checking accounts, right?
Access to free productsand services all around.
I know what you guys are thinking.
Free checking accounts?
Like, a lot of placesoffer those nowadays.
(05:56):
Like, why is that?
Well, having these conversations withpeople, they, they're just financially
unaware, like unaware that credit unionsexist, unaware that there are better
products, better rates out there, outsidetheir banks, but also unaware that they
can have multiple financial institutions.
I'm not saying close your, your,your big bank account, if they're
(06:18):
treating you well, go for it.
Continue having them, havingthat relationship, right?
But know that there are other financialinstitutions like Botelco Credit
Union that are here to help youwith, let's say, creating a bigger
savings account, refinancing yourauto loan, refinancing your mortgage.
All these great products that we offer,not a lot of people are aware of it.
(06:39):
Let's take a break.
I want to ask the host a question.
Oh, no.
Let's go back seven years, Michelle.
You're 18 now.
Yes.
That was seven years ago.
Yes.
Let's say you know what you knowabout credit unions and banks.
Which one would you have chosento open instead of, you know,
whoever approached you first?
Oh man, if I had known, we justrecorded an episode about getting
(07:01):
started with our first checking accountand talked about the fact that The
guests in the room all banked wheretheir parents told them to bank.
I didn't really have a choice,but knowing what I knew now I
would have chosen a credit union.
So would I.
I would have saved so much on fees.
I would have saved so much on fees.
So this past weekend we wereat the Cherry Blossom Festival.
(07:22):
I was having a conversation with alady, , and her three little ones.
By the way, great kids reallywell behaved, great manners, they
love the Patelco Bubbles, thePiggy Banks, all of it, all of it.
But I was talking to her aboutwhy we were out there, right?
Why, why Patelco, in the middle of200, 000 people, is out here talking
(07:42):
to people about their financial needs.
Well, I was talking to her about thedifference between banks and credit
unions, and little by little, she startedrealizing that there are financial
institutions like Patel Credit Union thatare here to support those financial needs.
She was, she's not in the best financialsituation, but after having, you know,
(08:03):
the rundown of what's going on with herbank account, her, her auto loan, we're
actually putting her in a position wherenot only is she going to save 30 fees,
monthly fees a month, but also somefunds on her auto loan just, just by,
you know, taking that one step of findingout what other products and services
(08:24):
different financial institutions offer.
Luckily for us, we're, we'realways out there in the community.
We're always talking to people.
We're always, like Iwane said,we're, we partner up with different
nonprofits, different organizations.
My biggest thing is, is festivals.
You You're everywhere.
If I see you at a festival,you better swing by.
There's a good chance if you go to acommunity festival, you'll likely see
(08:45):
Patelgo and you'll probably see this guy.
Yeah, but that's one of thousandsof conversations I've had nowadays
where people really just need arefresher or maybe some insight
to what we have, to the, to thedifference of credit unions and bank.
As simple as that, right?
If you get to determine yourself, Hey, Iwant to choose a credit union over a bank.
(09:08):
That's not because I told you to.
It's because you have all the cards.
You have all the knowledge.
You're making thedecision yourself, right?
We sometimes talk about breakingbarriers in the community.
Well, , I help the communitybreak their own barriers, right?
That mistrust.
The, the, the misconceptions offinancial institutions or check
(09:28):
cashing plays like we spoke earlier.
We, we don't do that here.
Yeah.
We actually eliminated a lot of fees.
Yeah, that's what it's all about, right?
We're talking about access.
We're talking about knowledge,meeting people where they are, right?
Yvonne, your role includesbringing education and access to
employers and non profit groups.
What strategies do you share with people?
(09:50):
So for me, it's importantto educate people.
And helping , people makeinformed decisions when it comes
to managing their finances.
So, helping them understand creditscores you know, what factors are
influencing them today and how can wereally help them compare products and
services it's really important for themto understand and maintain a good credit
score and so we want to make sure thatwe're educating them on all the steps
(10:13):
that it takes to establish, rebuildand really just help them make a, an
impact on their, you know, financialhealth as they're continuing to build
their, their goals and understanding,you know, their future goals.
It's important for them to havea resource available to them.
So credit's a big one, right?
It's a big one.
You know, we really want to make surethat when we partner with our companies
(10:34):
with Patelco at work we're educatingtheir employees on credit management, on
several different topics when it comes to,you know, all of their financial goals.
We help them make betterfinancial decisions.
At Patelco, we've developed products,especially for specific groups, that
really help them highlight, you know,some of the programs that they offer.
So for instance, we have a companythat we work with that offers
(10:58):
coaching financial coaching.
And so we support themby offering ScoreUp.
So at Patelco, we've developedproducts like ScoreUp to provide
individuals with tools and resources.
So, to help monitor andimprove their credit scores.
SCORP Credit Builder Loan is hereto help individuals with no credit,
little credit, or may need somehelp improving their credit score.
(11:19):
So, loan proceeds are depositedinto a SCORP savings account.
There's no fee required to open orset up a loan, and the terms can
be from 6 to 36 months, with loanamounts from 500 up to 5, 000.
With a fixed low interest rate.
By making manageable monthly paymentson time, they will be establishing
a positive credit history, whilealso growing their savings.
(11:42):
With Patelco Payment Assistance,individuals will never be late on the
score up loan, and ITIN is also accepted.
Typically, we don't always offer orhave the ability to announce it to
partnerships, right, but, or createthese specific products when we get
the feedback from our partnerships.
But this is something that we've receivedfeedback from in understanding what their
(12:03):
needs are and able to design a productthat really does meet those needs.
It helps them and meets their needs.
Our score up credit builderloan is pretty amazing.
When we talk about serving theunderserved, the underbanked, the
folks who haven't had exposureto financial education and maybe
have not started building credityet, score up credit builders is
really the best thing out there.
It's award winning.
(12:24):
You can find out more information aboutthe score up loan on our website and it's
such a great tool for us out there, right?
Have you really ran intoanybody that didn't?
No, I haven't.
And I, I feel like every time Imention it, they're just in awe.
Like, really?
This will never negativelyimpact my credit score?
Are you sure?
Yeah.
And we're like, no, absolutely not.
If there are any reason you have to,you know, stop making your payment,
(12:46):
we will show it paid as in full.
And you'll always be positivelyreported to the credit bureau.
So, it really just helpsindividuals make their payments.
become empowered and knowingthat they can build their credit.
Leo, let's toss this question over to you.
How about you?
What are your go to toolsthat you share with people?
Well, financial educationis important, right?
But you, like you said, everybody,the tools needed to, you know,
(13:09):
tackle what we've already discussed,maybe in our presentations or
conversations, is just as important.
Products is probably my go to.
All our products you guysjust mentioned ScoreUp.
I talk about checking accounts.
I talk about our MoneyMarketPlus.
It has 4.
5 percent APY.
You know, these products and services,over the counter products and services,
(13:30):
can create a really good financial plan.
My go to when I'm on the road orwhen I'm at an event and I don't
have a rate sheet or you know.
A brochure is our website.
Yeah.
If I navigate through the website,if you navigate through the
website, you can find our rates.
You can find how to open an account.
You can find where we're goingto be at our next events.
(13:52):
But also there's articles in there.
You know, if you go through andfind our, our Bonsai website
Bonsai is, is one of our partners.
And on there, there's alot of different articles.
How to budget, how to save,how to build your credit.
And that's, you know, education.
I think this, this wholepodcast is, is about education.
Doesn't matter you know,your immigration status.
(14:13):
Doesn't matter whereyou're at across the board.
I love that we can bringPatelco Credit Union to everyone
in a lot of different ways.
A few ways we bring Patelco CreditUnion closer to the community is by
attending large festivals, right?
Partnering up with community events, thatare held by schools and organizations.
My favorite is partnering upwith businesses and, and non
(14:34):
profits, like a resource center.
We provide financial presentations.
literature, and direct assistance tothose individuals that need our services.
Right now I currently lead aprogram I call CEP, which stands
for Community Engaging Program.
CEP helps branches engage theircommunities and organizations to
(14:55):
bring financial education, financialsupport, but most importantly,
bring financial empowerment toall members of any community.
You know, shout out to all the branchleaders and all It's beautiful to see
so many of our team members that gointo the community actively looking
for these opportunities, right?
Yvonne, myself, the rest of the team canonly be at a small amount of spots per
(15:15):
day, per week, per month, but having allour branches, helping us out, helping
their branch out, you know, helping spreadthe word, , is the Patelco difference.
That's why Patelco's outthere, making the difference,
I've met rich people.
I've met smart people.
And, and, you know, financialeducation is, is basically the
foundation of the American dream.
(15:36):
Yeah, absolutely.
So thank you both for doingthe good work out there.
Yvonne, how about you?
Where can we find more informationabout some of these education
tools that you're talking about?
So, you can definitely go directlyto our website at patelco.
org slash financial wellness.
You'll find upcoming webinars as wellas a library of on demand videos.
(15:57):
We also have our YouTubechannel that you can access, our
social media accounts, TikTok.
We also have our podcast so you can alwayslisten to us on your way to work as well.
We're on TikTok.
We are on TikTok.
And also, for employers youknow, we have our Patelco at Work
link, so patelcoatworkatpatelco.
(16:18):
org.
You can reach out to us, anyemployers that maybe are interested
in free education, contact us.
We'd love to come out and support youremployees and help them understand, you
know, that Patelco is a resource for them.
So cool.
I'm going to go right afterthis and go see us on TikTok.
That's exciting.
Okay, Leo, where can we findsome more about these tools
that you're talking about?
You mentioned the website andlearning about products and services.
(16:41):
You mentioned Bonsai andthen community events.
Where can we find all that on the site?
Potelgo.
org, same website.
It's a one stop shop.
You hover over events, you'llfind us on our next event.
Please stop by and say hi.
Pick up a good Patelco bag,grocery bag, some bubbles.
Take some pictures with the team.
But, you know, if you hover over to theother side, you'll find savings checking
(17:04):
accounts, home loans, heat logs products.
You'll find you'll be able tomake an appointment with our team.
By the way, that's another great resource.
If you guys haven't taken the privilege ofgoing into a botanical branch, our staff
is well rounded with a lot of differentproduct and services knowledges, right?
Let's say you're in the, you'rein the market for your first car,
(17:26):
they'll be able to help you andhold your hand along the way.
Let's say you're in the market for yourfirst house, they'll be able to help
you and hold your hand along the way.
And there's several differentlanguages in our branches, right?
Yes.
So that's always a great thing to know.
I always say visit our, our patelco.
org slash locations tomake an appointment.
Cause if a branch is bookedup, we do have virtual branch.
(17:49):
Virtual branch is thebranch of the future.
You go onto virtual branchfrom the comfort of your house.
And make an appointment orsee someone right away, right?
And it's through Zoom, so youget a face to face interaction.
I think that's always fun.
Yeah.
Other than that, you can alwaysemail me directly at joinepatelco.
org.
I'll take care of you guys.
(18:09):
Alright, everyone.
This was a lot to take in,so let's try and recap.
So, in serving the underserved, youknow, Patelco's really doing what we can.
You guys are directly doing whatyou can to just help inform folks.
so much.
Help educate them, help them assesswhat products and services may
help them get to whatever goalsit is they're trying to achieve.
(18:31):
We talk a lot in this studio about havingadvocates and financial institutions
really serving as an advocate whenyou do need that support and you guys
have the privilege and our membersare so lucky to have you to be able
to just talk through things as they'reYou know, navigating life, trying
to meet their financial goals too.
So thank you for that greatwork that you're doing.
Some of these great products and servicesand resources that you're talking
(18:54):
about can be found on our website.
As they both mentioned, patelco.
org is just chock full of greatresources and information.
Leah was talking about productcomparisons and the website is really
great at looking at side by sidesif you wanting to compare a checking
account or wanting to compare a loan.
So patelco.
org.
You can find our productsand services listed there.
(19:16):
You can access Bonsai, thefinancial education tool, learn
more about budgeting and credit.
And then that great score up creditbuilder loan that you talked about,
Yvonne, it can also be accessed there.
And of course, if you want to enjoy aweekend out in the community, now that
the weather is improving, you can gosee Leo and his team just about every
festival around the Bay Area, right?
(19:37):
The community tab on the patelco.
org page under community events, youcan find out where we're going to be.
Come out there and engage with us,you know, stop by and have some
fun and figure out how we can helpsupport with your financial wellness.
So you guys, it's so greatto have you in the studio.
Thank you for all that great workthat you're doing, supporting our
(19:57):
communities, providing educationand serving our underserved.
That concludes today's episode ofSmall Talks for Big Change, where
we help simplify financial topics tohelp with your financial wellness.
We'll see you next time.
Patelco Credit Union is insured by NCUA.
Thanks for joining today's episodeof Small Talks for Big Change, where
(00:03):
we help simplify financial topics tohelp with your financial wellness.
My name is Michelle Enriquez, yourhostess here at Patelco Credit Union,
and I'm super excited today becausewe've got two guests that are doing
some great work out in the community.
And here at Patelco, we talk a lot aboutsupporting our communities and serving the
underserved and serving the underbanked.
(00:24):
And Patelco does that reallyeffectively Patelco team
members that are on the ground.
meeting the community where theyare and providing education.
They're building trust, providingaccess to tools, and helping
improve their financial situations.
And today we're going to unpack whatfinancially underserved even means
and just break some stigma aroundaccess and affordability to products
(00:46):
and services and financial education.
We've got two Patelco wellness teammembers who are making a big impact.
So, welcome to the studio,financial wellness partner, Yvonne
Ortega and Leo Rosales, SeniorCommunity Engagement Specialist.
Welcome, guys.
Thank you.
We're happy to be here.
I'm so excited that you guys are here.
(01:07):
I love that we get to do this work outin the community, so I really want you
guys to share more about what that is.
But let's talk first about whatwe mean when we refer to the
unbanked, underbanked, underserved.
Yvonne, let's start with you.
Help us understand what that means to us.
So in my experience out in the field, I'velearned that when it comes to unbanked
and underbanked households in the U.
(01:28):
S., there's a lot of fear andmistrust with financial institutions.
Some people never learn aboutfinances until they were adults
and had no choice but to use thefirst option available to them.
According to the 2021 FDIC surveyof unbanked and underbanked
households, an estimated 4.
5 percent of U.
S.
households, approximately 5.
9 million, were considered unbankedin 2021, meaning that no one in the
(01:53):
household had a checking or savingsaccount at a bank or credit union.
Some of the reasons for not having a bankaccount they don't have enough money
to meet minimum balance requirements,and the most cited reason, they
don't trust financial institutions.
People didn't experience talkingabout money in their households or
schools, so it's the lack of accessto financial services and financial
(02:15):
education that made it difficult tolearn about all these resources and
options available, which creates moremistrust within financial institutions.
There is a lot of stigmas around havingblemishes in the past, as well as
misconceptions about their immigrationstatus and the ability to open accounts.
Predatory lending is prevalentin low income communities.
(02:36):
And with check cashing services,exploiting individuals who rely on these
services for their financial needs.
Predatory lenders target thosewith limited access to traditional
banking by offering highinterest loans with hidden fees.
This can trap borrowers in a cycleof debt and financial instability.
It's important for individualsin these communities to be aware
(02:58):
of predatory lending and seekalternative, more transparent,
affordable financial solutions.
Oh, I hear that so much.
Don't you hate.
The fact that check cashers chargeto cash checks, but also those
payday lending rates, they kill me.
It's terrible.
And it's, it almost feels likeit's the only option available.
But when it comes to financialliteracy programs and the community
(03:20):
organizations that can help and educate,empower individuals, it's helping them
make informed financial decisions.
And that's where we come in andplay a big role in their lives.
Immigration status and bankinghave a unique connection.
Understanding how they interactcan help avoid financial pitfalls.
There are myths about immigrants accessto banking services that need debunking.
(03:42):
Immigrants face challenges inaccessing these services, but can
combat predatory financial practices.
And empowering immigrants infinancial decision making is crucial.
So, understanding Um, and andit's essential for managing money
effectively in a foreign country.
So as a financial wellness team it'swithin our role to assist the unbanked and
(04:08):
underbanked households, overcoming thesechallenges with opening bank accounts,
taking the steps to provide clearinformation through various channels,
benefits, and bank account processes.
For us as a team, we do our best to goout and make connections with non profit
organizations different Patelco at Workpartnerships that really help us out.
(04:31):
reach the masses, right?
We want to know how we can help andbe there, you know, frontline support.
So for us, it's really important to secureand help them find affordable solutions.
Yeah, thank you for that.
We know that knowledge is power, right?
That's the whole reason we do what we do.
And it's not just new folks thatare coming to the country, right?
(04:52):
We educate students, we educatepeople with a lot of means.
It's people with not muchmeans, but knowledge is power.
And the more that we can empowereveryone about what their options
are, the better in an effort to helpwith their financial wellness, right?
But when we do talk about immigrantsand folks that are new to the
country, you know, our bankingsystem can be a lot different.
A lot of cash based economies thatyou know they're used to working
(05:16):
in and just understanding theAmerican banking system can be a lot.
So that's where the educationreally comes in and is really key.
Leo how about you?
You're on the ground aroundall our service area.
We're talking San Francisco, Sacramentodown to the South Bay and you're seeing
all these different types of groups.
What's a common need that you see most?
(05:36):
Yeah.
By the way, Vani, all great points.
Each one of those is whatwe, we see in the community.
What I see in the community is accessto free checking accounts, right?
Access to free productsand services all around.
I know what you guys are thinking.
Free checking accounts?
Like, a lot of placesoffer those nowadays.
(05:56):
Like, why is that?
Well, having these conversations withpeople, they, they're just financially
unaware, like unaware that credit unionsexist, unaware that there are better
products, better rates out there, outsidetheir banks, but also unaware that they
can have multiple financial institutions.
I'm not saying close your, your,your big bank account, if they're
(06:18):
treating you well, go for it.
Continue having them, havingthat relationship, right?
But know that there are other financialinstitutions like Botelco Credit
Union that are here to help youwith, let's say, creating a bigger
savings account, refinancing yourauto loan, refinancing your mortgage.
All these great products that we offer,not a lot of people are aware of it.
(06:39):
Let's take a break.
I want to ask the host a question.
Oh, no.
Let's go back seven years, Michelle.
You're 18 now.
Yes.
That was seven years ago.
Yes.
Let's say you know what you knowabout credit unions and banks.
Which one would you have chosento open instead of, you know,
whoever approached you first?
Oh man, if I had known, we justrecorded an episode about getting
(07:01):
started with our first checking accountand talked about the fact that The
guests in the room all banked wheretheir parents told them to bank.
I didn't really have a choice,but knowing what I knew now I
would have chosen a credit union.
So would I.
I would have saved so much on fees.
I would have saved so much on fees.
So this past weekend we wereat the Cherry Blossom Festival.
(07:22):
I was having a conversation with alady, , and her three little ones.
By the way, great kids reallywell behaved, great manners, they
love the Patelco Bubbles, thePiggy Banks, all of it, all of it.
But I was talking to her aboutwhy we were out there, right?
Why, why Patelco, in the middle of200, 000 people, is out here talking
(07:42):
to people about their financial needs.
Well, I was talking to her about thedifference between banks and credit
unions, and little by little, she startedrealizing that there are financial
institutions like Patel Credit Union thatare here to support those financial needs.
She was, she's not in the best financialsituation, but after having, you know,
(08:03):
the rundown of what's going on with herbank account, her, her auto loan, we're
actually putting her in a position wherenot only is she going to save 30 fees,
monthly fees a month, but also somefunds on her auto loan just, just by,
you know, taking that one step of findingout what other products and services
(08:24):
different financial institutions offer.
Luckily for us, we're, we'realways out there in the community.
We're always talking to people.
We're always, like Iwane said,we're, we partner up with different
nonprofits, different organizations.
My biggest thing is, is festivals.
You You're everywhere.
If I see you at a festival,you better swing by.
There's a good chance if you go to acommunity festival, you'll likely see
(08:45):
Patelgo and you'll probably see this guy.
Yeah, but that's one of thousandsof conversations I've had nowadays
where people really just need arefresher or maybe some insight
to what we have, to the, to thedifference of credit unions and bank.
As simple as that, right?
If you get to determine yourself, Hey, Iwant to choose a credit union over a bank.
(09:08):
That's not because I told you to.
It's because you have all the cards.
You have all the knowledge.
You're making thedecision yourself, right?
We sometimes talk about breakingbarriers in the community.
Well, , I help the communitybreak their own barriers, right?
That mistrust.
The, the, the misconceptions offinancial institutions or check
(09:28):
cashing plays like we spoke earlier.
We, we don't do that here.
Yeah.
We actually eliminated a lot of fees.
Yeah, that's what it's all about, right?
We're talking about access.
We're talking about knowledge,meeting people where they are, right?
Yvonne, your role includesbringing education and access to
employers and non profit groups.
What strategies do you share with people?
(09:50):
So for me, it's importantto educate people.
And helping , people makeinformed decisions when it comes
to managing their finances.
So, helping them understand creditscores you know, what factors are
influencing them today and how can wereally help them compare products and
services it's really important for themto understand and maintain a good credit
score and so we want to make sure thatwe're educating them on all the steps
(10:13):
that it takes to establish, rebuildand really just help them make a, an
impact on their, you know, financialhealth as they're continuing to build
their, their goals and understanding,you know, their future goals.
It's important for them to havea resource available to them.
So credit's a big one, right?
It's a big one.
You know, we really want to make surethat when we partner with our companies
(10:34):
with Patelco at work we're educatingtheir employees on credit management, on
several different topics when it comes to,you know, all of their financial goals.
We help them make betterfinancial decisions.
At Patelco, we've developed products,especially for specific groups, that
really help them highlight, you know,some of the programs that they offer.
So for instance, we have a companythat we work with that offers
(10:58):
coaching financial coaching.
And so we support themby offering ScoreUp.
So at Patelco, we've developedproducts like ScoreUp to provide
individuals with tools and resources.
So, to help monitor andimprove their credit scores.
SCORP Credit Builder Loan is hereto help individuals with no credit,
little credit, or may need somehelp improving their credit score.
(11:19):
So, loan proceeds are depositedinto a SCORP savings account.
There's no fee required to open orset up a loan, and the terms can
be from 6 to 36 months, with loanamounts from 500 up to 5, 000.
With a fixed low interest rate.
By making manageable monthly paymentson time, they will be establishing
a positive credit history, whilealso growing their savings.
(11:42):
With Patelco Payment Assistance,individuals will never be late on the
score up loan, and ITIN is also accepted.
Typically, we don't always offer orhave the ability to announce it to
partnerships, right, but, or createthese specific products when we get
the feedback from our partnerships.
But this is something that we've receivedfeedback from in understanding what their
(12:03):
needs are and able to design a productthat really does meet those needs.
It helps them and meets their needs.
Our score up credit builderloan is pretty amazing.
When we talk about serving theunderserved, the underbanked, the
folks who haven't had exposureto financial education and maybe
have not started building credityet, score up credit builders is
really the best thing out there.
It's award winning.
(12:24):
You can find out more information aboutthe score up loan on our website and it's
such a great tool for us out there, right?
Have you really ran intoanybody that didn't?
No, I haven't.
And I, I feel like every time Imention it, they're just in awe.
Like, really?
This will never negativelyimpact my credit score?
Are you sure?
Yeah.
And we're like, no, absolutely not.
If there are any reason you have to,you know, stop making your payment,
(12:46):
we will show it paid as in full.
And you'll always be positivelyreported to the credit bureau.
So, it really just helpsindividuals make their payments.
become empowered and knowingthat they can build their credit.
Leo, let's toss this question over to you.
How about you?
What are your go to toolsthat you share with people?
Well, financial educationis important, right?
But you, like you said, everybody,the tools needed to, you know,
(13:09):
tackle what we've already discussed,maybe in our presentations or
conversations, is just as important.
Products is probably my go to.
All our products you guysjust mentioned ScoreUp.
I talk about checking accounts.
I talk about our MoneyMarketPlus.
It has 4.
5 percent APY.
You know, these products and services,over the counter products and services,
(13:30):
can create a really good financial plan.
My go to when I'm on the road orwhen I'm at an event and I don't
have a rate sheet or you know.
A brochure is our website.
Yeah.
If I navigate through the website,if you navigate through the
website, you can find our rates.
You can find how to open an account.
You can find where we're goingto be at our next events.
(13:52):
But also there's articles in there.
You know, if you go through andfind our, our Bonsai website
Bonsai is, is one of our partners.
And on there, there's alot of different articles.
How to budget, how to save,how to build your credit.
And that's, you know, education.
I think this, this wholepodcast is, is about education.
Doesn't matter you know,your immigration status.
(14:13):
Doesn't matter whereyou're at across the board.
I love that we can bringPatelco Credit Union to everyone
in a lot of different ways.
A few ways we bring Patelco CreditUnion closer to the community is by
attending large festivals, right?
Partnering up with community events, thatare held by schools and organizations.
My favorite is partnering upwith businesses and, and non
(14:34):
profits, like a resource center.
We provide financial presentations.
literature, and direct assistance tothose individuals that need our services.
Right now I currently lead aprogram I call CEP, which stands
for Community Engaging Program.
CEP helps branches engage theircommunities and organizations to
(14:55):
bring financial education, financialsupport, but most importantly,
bring financial empowerment toall members of any community.
You know, shout out to all the branchleaders and all It's beautiful to see
so many of our team members that gointo the community actively looking
for these opportunities, right?
Yvonne, myself, the rest of the team canonly be at a small amount of spots per
(15:15):
day, per week, per month, but having allour branches, helping us out, helping
their branch out, you know, helping spreadthe word, , is the Patelco difference.
That's why Patelco's outthere, making the difference,
I've met rich people.
I've met smart people.
And, and, you know, financialeducation is, is basically the
foundation of the American dream.
(15:36):
Yeah, absolutely.
So thank you both for doingthe good work out there.
Yvonne, how about you?
Where can we find more informationabout some of these education
tools that you're talking about?
So, you can definitely go directlyto our website at patelco.
org slash financial wellness.
You'll find upcoming webinars as wellas a library of on demand videos.
(15:57):
We also have our YouTubechannel that you can access, our
social media accounts, TikTok.
We also have our podcast so you can alwayslisten to us on your way to work as well.
We're on TikTok.
We are on TikTok.
And also, for employers youknow, we have our Patelco at Work
link, so patelcoatworkatpatelco.
(16:18):
org.
You can reach out to us, anyemployers that maybe are interested
in free education, contact us.
We'd love to come out and support youremployees and help them understand, you
know, that Patelco is a resource for them.
So cool.
I'm going to go right afterthis and go see us on TikTok.
That's exciting.
Okay, Leo, where can we findsome more about these tools
that you're talking about?
You mentioned the website andlearning about products and services.
(16:41):
You mentioned Bonsai andthen community events.
Where can we find all that on the site?
Potelgo.
org, same website.
It's a one stop shop.
You hover over events, you'llfind us on our next event.
Please stop by and say hi.
Pick up a good Patelco bag,grocery bag, some bubbles.
Take some pictures with the team.
But, you know, if you hover over to theother side, you'll find savings checking
(17:04):
accounts, home loans, heat logs products.
You'll find you'll be able tomake an appointment with our team.
By the way, that's another great resource.
If you guys haven't taken the privilege ofgoing into a botanical branch, our staff
is well rounded with a lot of differentproduct and services knowledges, right?
Let's say you're in the, you'rein the market for your first car,
(17:26):
they'll be able to help you andhold your hand along the way.
Let's say you're in the market for yourfirst house, they'll be able to help
you and hold your hand along the way.
And there's several differentlanguages in our branches, right?
Yes.
So that's always a great thing to know.
I always say visit our, our patelco.
org slash locations tomake an appointment.
Cause if a branch is bookedup, we do have virtual branch.
(17:49):
Virtual branch is thebranch of the future.
You go onto virtual branchfrom the comfort of your house.
And make an appointment orsee someone right away, right?
And it's through Zoom, so youget a face to face interaction.
I think that's always fun.
Yeah.
Other than that, you can alwaysemail me directly at joinepatelco.
org.
I'll take care of you guys.
(18:09):
Alright, everyone.
This was a lot to take in,so let's try and recap.
So, in serving the underserved, youknow, Patelco's really doing what we can.
You guys are directly doing whatyou can to just help inform folks.
so much.
Help educate them, help them assesswhat products and services may
help them get to whatever goalsit is they're trying to achieve.
(18:31):
We talk a lot in this studio about havingadvocates and financial institutions
really serving as an advocate whenyou do need that support and you guys
have the privilege and our membersare so lucky to have you to be able
to just talk through things as they'reYou know, navigating life, trying
to meet their financial goals too.
So thank you for that greatwork that you're doing.
Some of these great products and servicesand resources that you're talking
(18:54):
about can be found on our website.
As they both mentioned, patelco.
org is just chock full of greatresources and information.
Leah was talking about productcomparisons and the website is really
great at looking at side by sidesif you wanting to compare a checking
account or wanting to compare a loan.
So patelco.
org.
You can find our productsand services listed there.
(19:16):
You can access Bonsai, thefinancial education tool, learn
more about budgeting and credit.
And then that great score up creditbuilder loan that you talked about,
Yvonne, it can also be accessed there.
And of course, if you want to enjoy aweekend out in the community, now that
the weather is improving, you can gosee Leo and his team just about every
festival around the Bay Area, right?
(19:37):
The community tab on the patelco.
org page under community events, youcan find out where we're going to be.
Come out there and engage with us,you know, stop by and have some
fun and figure out how we can helpsupport with your financial wellness.
So you guys, it's so greatto have you in the studio.
Thank you for all that great workthat you're doing, supporting our
(19:57):
communities, providing educationand serving our underserved.
That concludes today's episode ofSmall Talks for Big Change, where
we help simplify financial topics tohelp with your financial wellness.
We'll see you next time.
Patelco Credit Union is insured by NCUA.
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