Patelco Credit Union Offers Free Financial Advice to Help Bay Area Communities
2020 has been a year of adversity, adjustment and adaptation for everyone. In response to the pandemic, Patelco Credit Union has provided $5 million in emergency loans, waived $1.5 million in fees and deferred $638 million in loan payments to provide relief to its members. Recognizing that there’s still an ongoing need for financial support and guidance, Patelco has launched a free financial counseling service for individuals, organizations and businesses.
Patelco’s Certified Financial Specialists Program provides personalized financial advice to anyone who wants assistance with budgeting, paying off debt, rebuilding credit or saving more money.
With many facing unemployment or underemployment caused by the pandemic, community members are finding it difficult to make ends meet. Patelco’s Certified Financial Specialists know that financial struggles are real and are here to help with sincere and honest solutions.
These Certified Financial Specialists are well-equipped to provide advice and guidance. They are carefully chosen to be a part of this program and typically have at least ten years of banking experience before they are required to complete a rigorous 16-week Financial Counseling Certification Program, totaling over 135 hours of study, and pass exams to earn a Certified Credit Union Financial Counselor designation.
“To me, this is not just a career but a passion — to help others, to understand, to listen, and to find solutions,” said Chandra Tillman, a Patelco Certified Financial Specialist. “My greatest successes are those in which I am part of a member’s journey, showing them that financial well-being is the foundation on which so many other aspects of life are built.”
The Financial Coaching Process
Depending on your priorities, the Certified Financial Specialist will review budget, credit, debt counseling or financial planning at the initial appointment. Next steps include but are not limited to providing budget tracking tools, reviewing credit history, establishing a plan to repair credit or identify short-, mid- and longterm financial strategies — all with built-in ongoing support to help stay on track, achieve goals and celebrate milestones.
The program has been well-received by Patelco members since its launch. Currently there are 26 specialists located in branches throughout the Bay Area and the Sacramento region. Appointments can be scheduled to meet in person or remotely via phone or zoom at www.patelco.org/financialjourney.
“We are proud to bring free financial advice to anyone in our communities. There’s a need for one-on-one, empathetic advice with someone you can trust, and our members have responded so well that we want to make the program free to the communities we serve. I have my recently graduated daughters in the program. It’s important to get started early and our Financial Specialists will make more of an impact than I could,” said Melissa Morgan, Senior Vice President at Patelco Credit Union.
About Patelco Credit Union:
Dublin, Calif.-based Patelco Credit Union is a not-for-profit credit union committed to serving the financial health and wellbeing of its membership. With more than 380,000 members primarily in and around northern California, Patelco is committed to improving their members’ financial well-being and fueling hope and opportunity for its members by offering personalized solutions, advice, and expertise that empower them to achieve personal financial freedom. Founded in 1936 with $500 in assets by employees of the Pacific Telephone and Telegraph Company, Patelco is in the top one percent of U.S. credit unions with more than $8 billion in assets. For more information, visit https://www.patelco. org/.