What is the difference between a credit union and a bank?

A credit union is a not-for-profit, cooperative financial institution owned and controlled by the people who use its services. Credit union members normally have a common bond, such as where they work, live, or worship. This is known as a field of membership.

Am I eligible to become a member of People’s?

In order to join People’s, you must live, work, worship, attend school, or volunteer in the Oakland Flatlands. This area encompasses North Oakland, West Oakland, Chinatown, San Antonio, Fruitvale, Central East Oakland, and Elmhurst. You are also eligible to join if one of your family members belongs to People’s.

What is a Community Development Credit Union?

Community development credit unions provide all the services one would expect from any other credit union. What sets them apart from traditional credit unions is the emphasis placed on serving underserved populations.

CDCUs offer low-balance, interest-bearing accounts and low-interest loans to members. They position themselves as alternatives to predatory lenders and check cashing stores that drain communities’ capital resources and promote dependence on a cash-based economy. CDCUs reinvest member and non-member deposits into loans and services that preserve and expand a community’s assets.

Community development credit unions also provide financial education services to their members and community residents. CDCUs view these services as crucial in their efforts to break the cycle of dependence and increase self-sufficiency within the low-income communities they serve.

Note: Community Development Credit Unions are open to all who fall within their fields of membership, regardless of income, race, class, etc. In fact, preserving a demographically and economically diverse membership base is essential to the long-term viability of all CDCUs. Investing with your local CDCU is a great way to support your community while enjoying the benefits of belonging to a credit union!

Does People’s offer checking accounts?

No, at this time we do not offer checking accounts. However, we allow our members to use up to five free teller checks each month to pay bills. We also offer an ATM account that is a great alternative to traditional checking accounts. People’s ATM Access Account cards can be used at most locations where ATM/debit cards are accepted. Members can also use their cards in ATMs throughout the country.

How do you evaluate loan applications?

All loan applications are evaluated by members of our credit committee. Committee members use various criteria to make their decisions, including credit history, employment history, and the amount of debt carried by the member.

FICO credit scores are not used.

Can I open an account with People’s if I am on ChexSystems?

A ChexSystems record does not disqualify you from opening an account with us. However, members with ChexSystems records are not eligible to open a People’s ATM Access Account.