What banks do US immigrants keep money in?

Three billion dollars is the asset of Ukrainian credit unions in the United States, which unite 100 families and have more than 000 representative offices in 50 states. Founded in the middle of the last century, credit unions became the financial base of the Ukrainian community in the United States, says "Voice of America".

Photo: video frame "Voices of America"

Most credit unions are called “Self-help” - this is a word that embodies the essence of credit societies operating on the principle of “ours, to yours, for yours.”

The career of Ukrainian Laura Naumenko, who came to the United States in the early 1990s, is reminiscent of the American dream. For 10 years she has gone from secretary to deputy vice president of the company.

“We have many such examples, and during my time at the credit union there were many employees who started as cashiers and now became vice presidents or managers,” comments Laura, deputy vice president of the Samopomich credit cooperative.

Laura Naumenko works for a credit union in Philadelphia. In the last century, the United States government established suitable conditions for the operation of so-called credit unions. These institutions provide banking services, but, unlike banks, are non-profit organizations. Roman Petik recalls how it was here that he got his first student loan.

“When I was a student, I received a loan from a credit union that partially covered my education funds,” says Roman Petik, chairman of the board of directors of the Samopomoch credit cooperative.

Photo: video frame "Voices of America"

Samopomich was founded in 1952. At that time, the assets were $52. In 000, they exceeded $2020. The number of members of the union and its assets began to increase in the late 380s.

“When the Union began to fall apart, a lot of fourth-wave immigrants poured in,” recalls Pethik. - And what is the result? These people turned to us, which revived our institution.”

“We try to be their first step in how they can stabilize their lives here,” Laura explains. “We not only help them open an account and hold money at the credit union, but we also try to explain to them how to start building their credit and how to get their first loan.”

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Credit unions now have 12 members. Lyuba is one of the clients. She says that for her one of the advantages of the service is the Ukrainian language.

“This is a plus because when we arrived, we did not speak English,” says Lyuba. “I like that even now I can call here at any moment.”

In addition to language, important factors include interest on loans and deposits. Since credit unions are not-for-profit organizations, funds earned during the year are distributed among members in the form of a low service fee.

“Who gave me the lowest percentage? Ukrainian bank,” Sergei emphasizes. “These are our people, this is our money.”

Photo: video frame "Voices of America"

99% of the union’s workers are Ukrainians. Most of them immigrated to the United States with specialized economic education.

Andrey is a senior operations analyst, he moved 6 years ago. In Ukraine he worked in banks, and in the United States he wanted to continue his career. At the credit union, he is responsible for the development of electronic services.

“In order for people to be interested in staying with us, we must constantly offer them the appropriate level of service. As Alice from Wonderland said, “you have to constantly run to stay in place,” Andrei quotes the fairy-tale character.

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The analyst adds: 20% of the credit union's earnings go to finance institutions of the Ukrainian community in Philadelphia, in particular a cultural center, children's organizations, dance groups, a Ukrainian studies school, a kindergarten, youth groups and many other institutions.

This support is important to the community. Representatives of the old immigration who arrived after World War II and their families, due to their age, are no longer able to help institutions in full, and the new wave is much less involved in this process.

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