Accessible Financial Services Matter More Than Ever

What can other credit unions learn from Alltru’s journey?

1. It’s Mission That Matters

Alltru is a certified Community Development Financial Institution (CDFI), and the Midwest cooperative deploys nearly 70% of its loans in low- to moderate-income census tracts.

“We’re making sure people have access to loans that would not qualify for traditional lending, safe lending, at other financial institutions,” Verner says.

By extending credit to borrowers who might otherwise be excluded — such as those with sub-680 credit scores — the credit union puts financial equity into practice.

2. Question Old Systems To Create New Access

Barriers to entry are sometimes baked into credit union policies. Alltru reevaluated its practice of screening checking account applicants via ChexSystems after hearing firsthand from a community member who was shut out of basic banking.

“I would never want to teach a class again and talk about access if we can’t give the very basics, the fundamental access to a checking account and a savings account,” Verner says.

The credit union discontinued ChexSystems and designed a nationally recognized credit-builder loan. According to Verner, borrower credit scores have improved because payday lenders don’t report to the credit bureaus, but Alltru does.

3. Multiply Impact Through Partnerships

Alltru partners with local nonprofits, employers, and workforce development programs to deliver financial solutions where they’re needed most.

Salary advance loans, offered through employer partnerships as a free benefit, have helped workers handle emergencies without turning to predatory lenders, and youth workforce collaborations have ensured young people not only earn their first paycheck but also open their first bank account.

4. Manage Risk While Empowering Communities

Credit unions can manage risk thoughtfully rather than avoid it altogether. From building safeguards into youth accounts to ensuring loan products report positive credit history, Alltru balances financial stewardship with social responsibility.

“You’re going to take some risks,” Verner says. “Figure it out because it’s worth it.”

The end result of Alltru’s effort is thousands of new accounts, stronger communities, and members who consider the credit union a trusted financial partner. The credit union proves every day that financial exclusion is a communitywide issue rooted in history, policy, and opportunity gaps. As financial institutions that eschew a conventional, for-profit business model, credit unions are positioned to change that trajectory.

“If you see a need and you’re not meeting it, ask yourself why,” Verner says. “Especially when it comes to equity, the most equitable programs are not going to be status quo.”