Community Financial Credit Union Launches Cash Flow Account to Empower Women Amid Financial Disparities

Tansley Stearns

Community Financial Credit Union has launched its latest financial product, CloseEnuff™, Michigan’s first checking account of this kind. Designed to empower women and alleviate critical financial hardship caused by gender inequity, this innovative account represents Community Financial’s ongoing commitment to advancing the financial health of their communities.
 
Three quarters of Americans are living paycheck to paycheck, so an unplanned expense or fee can result in significant financial setbacks. This barrier is compounded for women, as they face financial inequities.
 
While 95% of women are directly involved in their households’ financial decision-making, the financial services industry has largely ignored their needs and the pervasive inequities that exist in the United States. For instance, women on average are earning 82 cents to every dollar men earn. Such disparities are exacerbated for women of color, with Black women earning only 64 cents to every dollar, and Latinas earning 54 cents.
 
Reflective of societal inequities, a 2023 Consumer Financial Protection Bureau report found that overdraft and NSF fees disproportionately affect women, particularly single women, women with children, Black and Hispanic women and women who earn less than $60,000 per year. CloseEnuff™ addresses the pervasive issues of financial barriers disproportionately impacting these demographics.
 
“When we make the world a little better for women, we make the world better for everyone,” said Tansley Stearns, president and CEO of Community Financial Credit Union. “Through the introduction of CloseEnuff™, we’re helping close the gap for the two-thirds of Michiganders who identify as financially insecure, while raising awareness around the importance of cash flow as consumers adapt to changing economic conditions.”
 
CloseEnuff™ covers members who go over their account balance up to $50. Additionally, the account eliminates overdraft transfer fees and reduces NSF fees from $25 to just $9, saving Community Financial members an estimated $1.2 million collectively.
 
The new account also offers members the advantage of Early Pay, granting them early access to their direct deposit funds. Depending on the depositor, members may receive their funds up to two days earlier, enabling them to address immediate financial obligations to plan with confidence.
 
In response to the evolving needs of its members, Community Financial was also the first credit union in Michigan to launch EquipFI’s Buy Now Pay Later option and a key feature of CloseEnuff™. This innovative post-purchase split payment option on debit card purchases provides members with increased flexibility in managing their expenses.
 
Community Financial is championing financial equity and inclusion across the state. The credit union is committed to addressing the tough issues confronting Michiganders and walking with them toward their impossible dreams. CloseEnuff™ is a testament to this commitment, providing tangible relief and support to financially vulnerable members in their journeys.
 
For more information on the CloseEnuff™ and how Community Financial Credit Union is empowering women, visit cfcu.org/CloseEnuff for more information.

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