EDMONTON, May 1, 2017 /CNW/ - Albertans who are typically under-served by traditional banks are applying for new Cashco accounts in large numbers.
"We've had phenomenal success with bringing banking services to under-served and forgotten people and communities in Alberta," says Cashco Financial CEO Tim Latimer.
He's referring to phase two of Cashco's introduction of Real World Banking products, empowered by ATB Financial, for all Albertans.
During phase one, Cashco and ATB worked closely to develop and refine systems and training to support the introduction of Real World Banking services, including the launch of the Everyday Use Account and a no-fee Savings Account.
More than 2,500 Albertans signed up for the accounts since the January launch, and Latimer says Cashco is well-positioned to keep that momentum going and to support even more Albertans.
As phase two kicks off to promote Cashco's Real World Banking services to everyone, their brand is evolving with a new look to the 14 Edmonton-area branches. The refreshed exteriors and vibrant interiors welcome clients to the branches. The remaining 32 Alberta branches will get the new look this summer.
"We have strong relationships with many of our clients," Latimer says. "We're there to help them with their money, so they trust us and feel good after opening these accounts."
Latimer adds that many of Cashco's clients have poor credit or little credit history and that can greatly impact their ability to borrow money or to get financial services from a typical bank.
"It's our mission to help our clients and to truly help the underbanked, so we knew we needed to become more innovative and supportive with our work," says Latimer.
Cashco's Everyday Use Account was the first step in providing that support. The transaction account offers clients overdrafts of up to $500 and pays out 25 cents for every transaction. While it does have a monthly fee, Cashco will happily waive that if the client arranges their payroll deposit to the account.
"This account can easily save clients $25 to $30 in bank fees and charges every year and give them access to an overdraft whenever they need it," says Latimer.
One area that Cashco is focused on is helping moms. When a mom opens a Mom Matched Savings Account and deposits at least $10 per month, Cashco will match that with another $10 - up to $120 a year.
"We think that if we get it right for moms, we can get it right for everybody," says Latimer. "We built this account to encourage moms to save by rewarding their savings habits."
That's all part of Cashco's path forward, Latimer adds.
"Cashco's purpose is to provide relief today and hope for tomorrow. Real World Banking, empowered by ATB, is one way to make that happen."
Cashco is an Alberta based company that provides a full suite of financial services and products to underbanked Canadians.
SOURCE Cashco Financial
and interview requests, please contact: Rob Shields, VP Marketing, Cashco, [email protected], 780-424-1080 (Ext. 302), cashcofinancial.com
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