The Value of Real World Banking: The innovation created by Cashco Financial and ATB Financial

This video is a reality check. It features moms talking about life: children, finances, surviving, making ends meet — the scope of what moms think about and deal with. Someone listened.

A few months ago, Cashco Financial and ATB Financial struck an agreement allowing ATB to provide banking services. This expanded the services to more Albertans who face financial challenges, opening new doors for the underserved and under banked.

This is an effort to respond to customers who have had limited access to regular banking services and conventional credit.

The Cashco-ATB relationship is also committed to contributing to the financial literacy of those who have struggled with money. As Cashco CEO Tim Latimer said many times, “We provide relief for today and hope for tomorrow.”

These account features give clients immediate benefits. The Everyday Use Account comes with an automatic overdraft of $25, which can be increased to $500. That means if you’ve used a short-term loan before, you use this account instead!

The account also pays 25 cents per transaction up to $5 a month. With direct deposits, the small monthly fees on the account are waived.

The Cashco Savings account includes a starting deposit of $10. The Mom Matched Savings Account matches monthly savings of $10 with an additional $10 to a yearly maximum of $120.

[Relief for today and hope for tomorrow.]
Since the introduction of these accounts, over 4,000 people have opened one or more. Albertans are responding with much enthusiasm at the over 45 Cashco locations in Alberta. Needless to say, the program has more than exceeded expectations.

In terms of loans, Cashco customers now enjoy more favourable interest rates through their Flex Loans. Customers can borrow up to $5,000 and repay the loan over 36 months. It has been a great way for them to address their financial needs and, in some cases, rebuild their credit scores.

Cashco has always had a goal to focus on the real world of financial issues faced by those who are challenged, not only in Alberta, but across the country. As a testimony to the company’s performance and the leadership it has shown in the sector, CEO Tim Latimer was recently awarded the Business in Edmonton Leaders Award.

Although the accounts aren’t available across the country, many of Cashco’s products can be accessed online. Over 35,000 Canadians call themselves Cashco customers, many of them long-term. Feedback through the many representatives who serve them is highly positive. Many customer cite the genuine sense of caring they feel from the frontline staff.

This is evidence of the culture Cashco has developed with determination. It is in the training provided to everyone in the company as well as the process inherent in the day to day operations. Ultimately, Cashco employees know that the financial well being of their customers is not just the right thing to strive for; it is also good for the community, the economy and, of course, the company.

If the response from Albertans is any indication, it works.

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