The Catholic Church nurtures body, mind, and spirit – as well as credit unions that offer members safe havens to save and access loans. Unfortunately, their numbers have diminished in America: In 1960 there were 825 Catholic credit unions; today there are only 90 according to Robert Klosko from Catholic Credit Unions of America.
Farmington Hills-based Alliance Catholic Credit Union (ACCU) is one of these. It can trace its roots back to parish-based credit unions like St. Alfred’s in Taylor and Guardian Angels in Clawson in the 1950s, which provided immigrant communities access to money they were excluded from by traditional banks; Klosko explained these credit unions were founded on an idea that all are created equal and deserve access to funds for financial needs based on Catholic doctrine of subsidiarity whereby community groups were best equipped to fulfill needs than larger institutions.
Credit unions are non-profit cooperatives owned and run by their members, who deposit funds to get loans or savings accounts at reduced rates or with greater dividends on savings accounts. Klosko noted that popes from Leo XIII to Francis have all endorsed credit unions due to the church teaching on economic justice and the common good as being essential components.
Credit unions may be affiliated with certain groups of people, like Catholic parishes or labor unions, or they can be open to everyone within its geographical area. Historically, Catholic credit unions focused on serving low-income working-class populations — something which the early days of Catholic Church taught as the church believed that everyone has three basic needs that need meeting — material needs, spiritual needs, and social needs – Credit unions provide an ideal way of meeting those needs, said Klosko.
Grant has been a member of his credit union since childhood and finds great solace in feeling connected to it and the support it offers families. “We really try to treat everybody like family,” said Grant.
As a member of a credit union, you can sign up for direct deposit payments each payday to make loan payments, savings account or IRA contributions without needing to physically visit. It’s the fastest, easiest and freest way for members to save – plus no risks of lost or misplaced checks!
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