The New York City Housing Authority’s (NYCHA) Office of Resident Economic Empowerment and Sustainability (REES) can help connect NYCHA residents to free and low-fee banking services close to home. Community Development Credit Unions are like banks, but they have members who cooperatively own the credit union, rather than shareholders, who own shares of a bank. Credit Union members also vote on important decisions. REES partners with various Community Development Credit Unions that specifically focus on addressing the needs of low-income communities.
Did You Know…
NYCHA residents can pay rent at many of our partner credit unions.
Facts about Credit Unions
- Government regulated and federally insured just like a bank
- Offer products and services similar to a bank
- Usually have lower fees and higher interest rates on savings accounts
- Democratically governed – one member one vote
- Provide services to meet the financial needs of their members and their community
Find a local REES partner credit union to discuss your financial needs.