Move Your Money

The Lower East Side People’s Federal Credit Union, which had previously gotten a boost due to the Move Your Money campaign, is growing even more. It turned a profit for the first time in the institution’s history last year, and because of consumers’ distaste with the big banks, it just keeps on growing. The Credit Union Times’ David Morrison reports:

The bulk of the credit union’s members have come and still come from the band of public housing complexes that wrap around parts of its Lower East Side office or from housing cooperatives near its central Harlem branch, but as both neighborhoods have gentrified, the CU has begun to draw wealthier members, [CEO Linda] Levy said.

These new members don’t care that the credit union works with lower income New Yorkers. Rather, they appreciate that the cooperative is so very local. And as the distrust and anger with larger national bank brands has grown, Levy said the credit union has even begun to see members coming in response to high-profile media efforts like the Huffington Post-sponsored “Move Your Money,” drawn by a desire to bank with an institution focused on their own area.

Sherley Soto, member services manager for the credit union, said it’s too soon to say if LESPFCU is seeing a trend or merely a blip, but so far the credit union has been opening 10 to 14 new accounts a week, compared to its usual five to seven. And the new members are different, too. Previously, members might be satisfied with depositing $25 to open a share account and maybe another $25 to open a checking account—often at the urging of the Social Security Administration or other government agency—but the new members will deposit more and also ask about the credit union’s other products and services.

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