Doubt Resolution
I took a moment this morning to review our 186 Google reviews. Of course, it provides a summary of highlighted phrases, and one caught my eye: doubt resolution.
This is likely a typo, right?
I did a little more digging, and it turns out the phrase wasn’t a typo. Express Credit Union does indeed provide doubt resolution. In fact, doubt resolution may be the heart of our work, helping more people gain access to affordable, traditional financial services.
Over 5.6 million households in the United States, 4.2% of US households, do not use traditional financial services, according to the most recent FDIC report from 2023. The unbanked rate seems to be linked to income, meaning that the people most likely to benefit from a strong relationship with a local lender and deposit institution are also the most likely to use high-cost loans and check-cashing services. In the State of Washington, many small-dollar payday loans may have APRs of 391%.
Why do all these people who would benefit from a local credit union avoid traditional financial services?
Survey data, again from the FDIC, show the primary reasons include not having enough money for minimum balances and a lack of trust in the system. People mention negative experiences with repetitive fees, previous closures, and a feeling of being judged.
Express Credit Union wants to change that story.
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We want “doubt resolution”.
Express Credit Union does this through dedicated outreach to communities often left out of traditional advertising, no minimum balance requirements, low fees, Spanish-speaking support, and second-chance account options. For example, we charge 28% less in fees per member than similar credit unions in the United States, as we do not have overdraft fees and have systems in place so that small overdrafts don’t result in outsized monetary consequences.
The impact of doubt resolution is best seen through the experience of one of our members. He shared, “I heard about Express through a friend and opened an account to save money. My previous experience with banks was that they were charging me for services I never used. At Express, I feel appreciated and supported, getting help with anything I don’t understand. Before joining, I didn’t have a bank account or debit card and used cash; now I have a debit card and feel more secure. Express has made it easier for me to understand my money better.”
In the end, in our reviews, doubt resolution was not a typo. In fact, it’s not only a reality, but it may be the most important service Express Credit Union offers.
Sources
https://dfi.wa.gov/financial-education/information/payday-loans
https://www.fdic.gov/household-survey
About the author:
Helen Gibson is CEO of Express Credit Union, a local, not-for-profit credit union built to keep more money in the pockets of Washington’s hard-working people, regardless of their income, immigration status, or history with traditional banking. Learn more at www.expresscu.org.
