Express Credit Union — A Second Chance at Banking

Rebuilding your life after incarceration involves more than finding housing and employment. Having a safe bank account, learning how to manage money, rebuilding credit, and avoiding expensive check-cashing businesses and payday lenders can also be important steps toward long-term stability.

Express Credit Union is a Washington-based credit union with a stated vision of “Economic Justice for All.” It describes itself as a secure alternative to traditional banks, payday lenders, and check-cashing businesses and offers several services that may be especially useful for people rebuilding their financial lives.

SECOND CHANCE CHECKING

One of the most important features for people returning from incarceration is Express Credit Union’s Second Chance Checking option.

Past financial problems can sometimes make opening a traditional checking account difficult. Express Credit Union states that it offers its Classic Checking account to individuals who have had negative banking history or previous banking difficulties.

A member service representative can review the individual’s banking history and explain one-on-one how to successfully use the account.

This can provide an important pathway back into mainstream banking.

CHECKING WITHOUT MANY OF THE COMMON FEES

Express Credit Union checking accounts include features such as:

• No monthly maintenance fees
• No minimum balance requirement
• Visa debit card
• Online and mobile banking
• Direct deposit
• Bill Pay
• Remote check deposit
• Access to thousands of shared credit union branches and approximately 30,000 fee-free ATMs
• Ability to connect accounts with services such as Venmo, Cash App and PayPal

Express also states that when sufficient funds are unavailable, transactions may be declined rather than generating costly traditional overdraft charges, depending upon the account and overdraft protection selected.

FINANCIAL COUNSELING AND SUPPORT

Opening an account is only part of becoming financially stable.

Express Credit Union provides financial counseling directly to its members, including:

• One-on-one financial guidance
• Credit review and help understanding credit
• Budgeting assistance
• Guidance for developing healthier financial habits

For additional specialized financial services, Express Credit Union partners with GreenPath Financial Wellness, a nonprofit financial counseling organization.

Through GreenPath, members can access services such as:  .

• Debt management plans
• Housing-related financial counseling
• Student loan counseling

This partnership allows Express Credit Union to provide direct, personal assistance with everyday financial issues such as budgeting and understanding credit while connecting members with GreenPath when more specialized counseling or debt-management services are needed.

For someone returning to the community after incarceration, this combination can be especially valuable. Credit reports, digital banking, debit cards, automatic payments, loans, and today’s financial system may be unfamiliar—particularly for someone who has been incarcerated for many years.

There is no shame in asking someone to explain how the system works.

Learning how to budget, understand a credit report, manage a bank account, and make informed financial decisions can be an important part of rebuilding independence.

BUILDING OR REBUILDING CREDIT

Express Credit Union also offers several lending products that may help qualified members establish or rebuild their financial history, including:

Personal loans
For expenses such as appliances, computers, medical costs and emergencies.

Auto loans
For purchasing or refinancing a vehicle.

Member Advance Loans
Small-dollar, short-term loans designed for unexpected expenses.

Credit approval and loan terms depend upon the individual’s circumstances, so these products should not be viewed as guaranteed financing.

WHY THIS MATTERS DURING REENTRY

Many people leave incarceration without an active bank account.

That can create problems almost immediately.

Employers increasingly use direct deposit. Apartments and utilities may require electronic payments. Government benefits may be accessed electronically. Building legitimate credit becomes difficult without participating in the financial system.

Without better options, someone may turn to check-cashing stores, prepaid cards, payday lenders or other expensive financial products.

A second-chance financial institution can provide another pathway.

The goal isn’t simply to open a bank account.

It is to begin developing the financial habits and financial history that support independence.

WHO CAN JOIN?

Express Credit Union states that individuals generally qualify for membership if they live or work in Washington State, with certain exceptions available for immediate family members. Membership applications may be completed online, by telephone or in person.

EXPRESS CREDIT UNION

Main Branch
1930 6th Avenue South, Suite 104
Seattle, WA 98134

Branch Hours:
Monday–Friday
9:00 AM–5:00 PM

Phone: 206-622-1850

Email: [email protected]

Website: www.expresscu.org

Express Credit Union also provides free interpretation and translation assistance and has bilingual Spanish-speaking staff available.

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COMPASS REENTRY PERSPECTIVE

Successful reentry requires more than meeting someone’s immediate needs.

Food, clothing, identification, transportation and employment are important—but eventually a person also needs the tools to manage their own life independently.

Financial stability is part of that process.

Opening a safe checking account, establishing direct deposit, developing a budget, understanding credit and gradually building savings can represent major steps toward independence.

For someone who has had banking problems in the past—or who has been incarcerated so long that they have little experience with today’s financial system—Express Credit Union may be worth exploring.

Compass Reentry Peer Support believes in helping people connect with organizations that can provide the specialized services they need.

We walk with people until they can walk with confidence.

Compass Reentry Peer Support

Website: www.compassreentrypeersupport.org
Phone: 206-557-8593
Email: [email protected]

Financial products, eligibility requirements, rates, fees and lending decisions can change. Contact Express Credit Union directly for current terms and eligibility requirements.