EDMONTON, Aug. 4, 2017 /CNW/ - Launched in March of this, year, 5,000 Albertans have signed up for the new accounts that offer basic banking services with no fees and even a little extra – 25 cents per debit transaction and matched savings.
"When we introduced Real World Banking, we weren't really sure how people would respond," says Tim Latimer, Chief Executive Officer at Cashco Financial. "We knew somebody needed to do it but we just didn't know if this was the right time."
That's how Latimer describes the moment his company started to transform itself from a payday lender to a provider of meaningful banking services.
In just five short months, 5,000 Alberta clients have opened the banking accounts that are empowered by ATB Financial and Latimer, along with the clients, couldn't be happier.
"Our intuition was correct and we're simply honoured that so many people see the value in what we're offering."
Latimer attributes the rapid acceptance to a few factors. The first being that many people can't actually get a bank account – let alone banking service – at traditional banks if their credit score is under 500.
"Traditional banks don't want to deal with people with lower credit ladder so they make it difficult, expensive and punitive for them," add Latimer. "That's where these accounts make banking easier, cheaper, and less stressful."
Another reason why people have signed up for these accounts is because Cashco's business is built on the relationships the employees have with the clients, says Latimer.
"When we talk to clients about the savings and benefits, they see that we're operating in their best interests and usually we become their personal bankers at that moment."
The arrangement with ATB also goes a long way to instill confidence and acceptance of Cashco accounts. It allows Cashco to offer accounts in any of the 45 Alberta Cashco Financial locations, which is a first in the financial services industry.
Latimer adds "We're so grateful we can now help under-banked Albertans gain equitable access to fair credit and meaningful banking. We look forward to serving our next 5,000 clients."
Benefits of the Everyday Use Account:
- No monthly fee with direct deposit
- No minimum balance required
- Automatic overdraft of up to $500
- 25 cents for every debit card transaction (up to $5 per month)
- $10 NSF fees
Cashco Financial is a privately held Canadian company with headquarters in Edmonton Alberta and 62 locations across BC, Alberta, Ontario, and Saskatchewan. Cashco offers a full lineup of financial services and loans.
SOURCE Cashco Financial
For further information: please contact Rob Shields, Vice President Marketing, at 780-424-1080 Ext 245.