Cashco is Banking for the Real World
Cashco is pleased to announce that we have entered into an agreement to become an ATB Financial Agency and will now offer Cashco client’s Everyday Use (chequing) and savings accounts, through our network of 46 stores in Alberta.
For the past 3 years, we’ve had a vision of being “Another Kind of Bank” serving under-banked consumers who have limited access to credit and meaningful banking services. We have been looking for a financial institutions that would work with us to make savings accounts available to our incredible customers.
In December 2015 at a Christmas party Tim Latimer, our CEO, met a woman from ATB who spoke very enthusiastically about what makes ATB an extraordinary financial institutions. She shared the entrepreneurial culture and the approach-ability of the executive team starting with their CEO, Dave Mowat. Tim was impressed and believed that kind of passion came from following a strong leader who was committed to transforming banking to make it work FOR people.
Tim sent Dave Mowat a letter asking if he might be able to set a time to talk over his vision. Tim shared that while he was proud of the fact that Cashco provides relief today through their small-dollar credit offering he was confident they could do more in providing hope for tomorrow if they had the ability to provide meaningful banking for their customers which would help change their circumstances.
In the spring of 2016, ATB entered serious discussions with Cashco Financial to consider broader options that would provide better access to affordable banking and small-dollar credit alternatives to payday loans. The objective of these conversations was to find a way to provide a solution to consumers’ financial needs versus the stop-gap nature of the narrower payday lending industry.
“With the support of ATB, Cashco will be able to pivot away from the payday loan business to place its emphasis on small-dollar medium-term loans. Cashco will also be able to provide client access to white labeled banking products through ATB’s agency banking platform,” shared Dave Mowat. “This arrangement aligns well with ATB’s commitment to re-imagine banking in ways that change people’s lives for the better and Cashco’s commitment to provide immediate assistance and hope for tomorrow as they support customers in improving their financial health.”
The new Cashco, empowered by ATB, enables and enhances Cashco’s vision of being “Another Kind of Bank”. “Our new arrangement will create value for a diverse network of people who are without a compatible banking relationship. We will provide accessible lending products and affordable banking services tailored to our clients’ needs. We will actively encourage habits and attitudes toward money and credit to help clients step a rung or two up the credit ladder. By helping individuals get ahead, we can raise entire communities to prosperity,” said Tim Latimer.
Cashco’s vision also encompasses the development and delivery of a best in class online digital service. The online digital business will enhance the Cashco value proposition.
“As has been articulated in Calgary’s Enough For All strategy, people require access to affordable financial products and services that help to build a cushion of savings and contribute to their long term resiliency. It is innovative programs like this agreement between two organizations that will help us reach the goal of financial inclusion for all Albertans,” commented Jeff Loomis, Executive Director of Momentum, an Economic Development organization.
Harkening back to the formation of ATB in the 1930s, this announcement ushers in another new era in the provision of financial services to the currently under-banked in Alberta.