RICHMOND, Va.--(BUSINESS WIRE)--To help ring in the New Year, New Generations Federal Credit Union (www.newgenfcu.org) is providing a financial tune-up to area residents. The credit union is inviting existing members and non-members alike into its four area branches for financial counseling and assistance with financial needs. The New Generations, New Year Financial Tune-Up campaign was introduced after the credit union recognized that many main street Richmond area residents are still struggling and not benefiting from the overall economic recovery.
“We want Richmond to know we’re here to help,” said New Generations’ President and CEO, Jennifer Dandridge. “There aren’t many free resources available to help people with personal financial management, credit management, and similar topics.”
With a mix of free courses on topics like car buying, home buying, credit management, and retirement, as well as its own products and services, New Generations has set a goal of helping 2,000 Richmond area residents improve their personal financial situations by March 31st. The unique credit union business model gives New Generations a chance to not only offer counseling and advice, but also alternative product solutions (such as free checking) that were once very popular but have now become hard to find.
“When we have a chance to improve someone’s financial picture and give them some hope and opportunity, that’s a win for us,” stated Mrs. Dandridge. “In the past few months, we’ve been able to help our members save sometimes as much as two or three hundred dollars a month on something as simple as a car loan. We want to help more people.”
Unlike a traditional bank, New Generations is owned by its customers, who are referred to as members. As a non-profit, member-owned financial institution, New Generations does not answer to shareholders or institutional investors. This means the associated cost savings it enjoys are passed on to its members in the form of no-fee or low-fee products, low-interest-rate loans, and free financial courses such as those offered through the Tune-Up program. Membership with New Generations is open to all Richmond residents, as well as those who work, worship, attend school, or volunteer someplace with a Richmond address.