On Monday October 18th, a Grand Opening Ceremony for the Northwest Community Credit Union at SXU took place at 3pm. SXU partnered with Northwest Community Credit Union (NWCCU) and created this institution on campus which offers financial services and resources for students to be financial literate. This Credit Union at SXU is completely ran and operated by SXU students.
A credit union is defined as a non-profit financial institution that is owned by its members. It offers services similar to those as a bank. However, because credit unions are nonprofit and banks for-profit, credit unions have reduced fees, low interest rates on loans, and high returns on deposits.
The ceremony began with opening remarks followed by guest speakers. This was then followed by the ribbon cutting of the building. After that, guests were invited inside the CU office to see the facilities. Refreshments and small gifts such as pens, glasses, water bottles and post-its were given.
Jose Garcia, President/CEO of Northwest Community Credit Union, was present at the event. Garcia is a proud alumnus of SXU. Garcia explained to the Xavierite the reason of opening the Credit Union at SXU. “I understand the importance of building financial literacy among our youth and have been a strong proponent of this initiative well before I became President/CEO of Northwest Community Credit Union. I have two college aged children so I can see firsthand how important it will be to their futures to really understand how to be financially responsible. Also, being an active alumnus of SXU, I felt it would be great if I could spearhead the initiative of bringing an on-campus student run credit union to the SXU campus.”
“Dr. Sabbaghi, Dean of the Graham School of Management, has been very instrumental assisting us to make this dream a reality. We are most appreciative of his guidance and support,” said Garcia.
Garcia added that he recognizes that there are many financial institutions in the area and hopes that students will view them differently. “We are a very convenient alternative (being right on campus) that will truly help students to become more financially responsible today and in the future. Plus, being one of only a handful of on-campus student run credit unions in the country, we are demonstrating to the entire community that SXU brings a real world learning experience to its students,” said Garcia.
Garcia concluded that they are looking forward to a long relationship with SXU. “[We] hope that students, staff, faculty and alumni will stop in, have a cup of coffee and see how we truly will make a difference. We also encourage them to make suggestions so we can be an even more valuable resource,” said Garcia.
The Xavierite also spoke with Fidencio Gonzalez, Chairman of Student Advisory Board of NWCCU at SXU. Gonzalez is a SXU senior majoring in Accounting and Finance. He begun with a mentorship program and here he met NWCCU’s CEO, Jose Garcia.
“I didn’t know what a credit union was and when I found out that it was basically a not for profit for its members, I liked the idea. Jose came to me and told me he was planning on starting a student run credit union and I decided that I would want to be a part of it and see the success of a student run credit union on campus,” said Gonzalez.
He explained that it took a whole year of planning before opening the CU this month. For Gonzalez, the best thing of being part of the CU is seeing the development. “All the planning that it went to it, the frustrations struggles that we overcame… I basically got to see first hand how an organization was built from the ground up.”
Gonzalez concluded that the biggest focus of the credit union is financial literacy. He added this will help students make financial decisions, understand loans, credit cards, credit scores, and other financial concepts.
Taylar Tocco is also belongs to the Student Advisory Board of the NWCCU at SXU. She is a senior majoring in Communication and holds the position of Student Director of Member Relation and Media. She agreed that the goal of the Credit Union is to provide students with the financial literacy and give them tools for the future for better financial choices. “It is a student to student interaction. We want to make students comfortable and relatable,” said Tocco.
For more information you may visit NWCCU or stop by the office located in front of the Graham School of Management. If students complete a module online and take the printed confirmation to the SXU’s CU, they will receive a $5 Starbuck gift card.
Miryam Villarreal
Senior News Editor