Recognizing the Importance of Financial Health

A recent study conducted by Equifax showed that an average of 16.15 percent of annual El Paso household income was going to credit-card debt in 2010, ranking as the fifth highest in the nation. One credit union in El Paso, TX is working to change this statistic by offering products and services that have been catered toward educating and changing the spending habits of its members.

“The consumer is in a 'I have to have it, I need it now' mentality,” says Ken Walters, president and CEO at El Paso Employees Federal Credit Union.

Currently, the credit union is working to illustrate the importance of financial literacy among the young adults in its city. “It’s important to get a hold of them early,” says Walters, who hopes the developing programs at his credit union will teach El Paso residents the importance of budgeting and living within their means.

Recently the credit union teamed up with the Jose Cisneros Cielo Vista Branch Library to present financial seminars once a month during the library’s Teen Tuesdays night. They are also planning to launch an online Teen Magazine that they hope young adults will utilize as a financial tool in their lives. The content will include tips and frequently asked questions members of this age group might have. It will be catered specifically towards their financial needs.

A new online banking solution, NetTeller, will help El Pasoans due just that. According to the symitar websites, NetTeller’s state-of-the-industry online capabilities can include access to account balances and history, one-time and recurring funds transfers, account statement and check image viewing and downloads, loan payments and advances, check ordering, and downloads of account information into personal financial management solutions.

Another product, LibeRate, gives members the ability to raise their rate on a CD once, should interest rates go up, yet another tool the credit union hopes will help its members manage climbing interest rates.

This year brought with it the celebration of 75 years for this El Paso financial institution, a milestone it dedicates to its members.

“As a credit union, our focus is not so much on the bottom line,” Walters says, “we’re learning how to put more money in our member’s pockets, hopefully helping to stimulate the El Paso economy.”

Their 1 percent off, 1 percent back refinance program is also meant to put cash back into members pockets. In 2010 alone, they gave back over $200,000 in cash to their members.

This credit union has big plans for the road ahead, and thanks to their inspiring team, El Paso Employees Federal Credit Union continues to create products and services catered towards improving the financial health of its members.