A line snaked into the room next to
the foyer after the Sunday service ended at Messiah Baptist Church.
Members
of all ages stood in line waiting to add money to their accounts at the Jubilee
Credit Union in the Messiah Baptist Church in Brockton, which focuses on
helping people save money and build credit.
“It’s
a good place to go and save, and invest in the church,” church member Cynthia
Phillips-Kaipu said.
Another
church member who uses the Jubilee Credit Union praised the credit union.
“If
credit is bad, they’re more lenient than regular banks,” Monica Ross Monteiro
said, “This is the best credit union around in Brockton.”
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| Customers at the credit union. Photo by Aimee Chiavaroli |
The
Jubilee Credit Union in Brockton began as a vision by Rev. Michael Walker,
pastor of the church, is now focusing on expanding to help more people in the
community.
In
April 1982, Walker “envisioned members of the congregation needed a place to
invest money effectively and collectively,” CEO and President of the Jubilee Credit
Union, Annette Rowell-Thomas, said.
On
October 2, 1983, the Credit Union was granted a charter.
“The
primary mission is to provide a spiritual environment for teaching financial
literacy that will lead to an understanding of economic and personal finances,”
Thomas said. “Our mission is to help underserve a low-income environment that
doesn’t have access to financial services,” she said.
The
Credit Union is open to members of Messiah Baptist Church and associates
because it works by a Field of Membership (FOM) plan due to their charter. The
plan includes family, friends and acquaintances of church members, and
faith-based institutions, Thomas said. While this could be limiting, it can cover
a broad range of people.
Now,
after 32 years, the Jubilee Credit Union wants to expand the charter to a
community credit union. The Credit Union would be able to advertise outside of
the church, increasing membership and asset size, Thomas said.
The
credit union also wants to expand their faith-based institution services. They
are working with the Brockton Interfaith Community (BIC) to help provide financial
literacy to immigrants – documented and undocumented – and those without access
to the system in low-income communities, Thomas said.
“[We
want] to help them understand the importance of establishing good credit so
they will be able to qualify for financial services,” she said.
There
is a $5 joining fee, but it is waived for people 18 and under. Members must
have at least $25 in their accounts to be considered a member in good standing,
Thomas said. If the account balance is under $25, members may be subject to a
low balance fee.
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| Miles Jackson, Messiah Administrator and Jubilee Credit Union member. Photo by Aimee Chiavaroli |
Thomas
noted the credit union is insured by NCUA and memberships are insured up to
$250,000 per account. They are audited like a credit union and are well
capitalized, she said.
The
credit union offers different services to their members such as Christmas and
vacation savings accounts and a 52-week savings plan. The plan starts with
saving $1 per week, hoping the amount increases each week to encourage saving. After
the 52 weeks, the money is transferred into a regular savings account and the
plan starts over.
“We
had new members who joined the credit union just to be a part of the program,”
Thomas said.
The
program went into effect in 2015. It increased savings for members and
increased membership, Thomas said.
The
credit union also offers scholarship programs funded through the Massachusetts
Credit Union League. There is one scholarship awarded to a high school student
and college student each year. Students apply through the credit union and
applications are sent to MCLU.
Barbara
Bruce, a volunteer and shareholder member has been working at the credit union
for about three years.
“I love it. I like
seeing the credit union grow,” Bruce said.
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| Volunteer Barbara Bruce. Photo by Aimee Chiavaroli |
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