Student Loans
Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
Expanding Financial Accessibility: Great Convenience, Lower Barriers
NewsJune 8, 2023
Great Lakes Credit Union Joins the Citi ATM Community Network
GLCU has recently joined the Citi ATM Community Network, a decision that will considerably enhance the convenience for its members. GLCU members can now check their account balance and make free cash withdrawals at over 2,300 Citibank branch ATMs across the United States. This includes locations in several bustling metropolitan areas such as New York, Miami, Washington, D.C., Chicago, San Francisco, and Los Angeles.
A Strong Commitment to Financial Inclusion
This partnership underscores the ongoing commitment of GLCU, Inclusiv, and Citi to promote financial inclusion and extend affordable financial services to underprivileged communities. As a national network of Community Development Credit Unions (CDCUs), Inclusiv has been instrumental in facilitating this alliance between GLCU and Citi. Their shared mission is to assist people with low to moderate income, as well as their communities, to achieve financial independence via credit unions.
Great Lakes Great Union: A Model CDCU
GLCU's dedication to catering to the underserved hasn't gone unnoticed. Citi chose GLCU for this significant partnership, given its impressive commitment to its members, more than half of whom are classified as low income. Coupled with their notable history of philanthropic and outreach initiatives to support their mission, GLCU, as a certified CDCU, is indeed a beacon for other institutions.
This partnership, forged at GLCU's Bannockburn headquarters, is a milestone in the continuous endeavor to eliminate the gap between financial institutions and underserved communities.
Lowering the Barriers of Entry
In a parallel move to boost financial accessibility, GLCU also announced a substantial reduction of its par value share minimum from $5 to just $1. This decision removes a significant barrier of entry, thereby making it more accessible for anyone to become a member of GLCU and benefit from their broad range of financial services.
As a low-income designated credit union, GLCU's mission is all about promoting financial empowerment and inclusivity. Unlike other financial institutions, credit unions like GLCU are member-owned. This means they channel their profits back to their member-owners and communities, offering competitive rates, lower fees, investments in technology, and active volunteerism. The par value of shares symbolizes a member's ownership stake in the credit union.
In summary, GLCU's dual initiatives - joining the Citi ATM Community Network and lowering the par value share minimum - are substantial strides toward the greater financial inclusion and accessibility that GLCU, Inclusiv, and Citi are continuously striving for.