Teri Portilloⁱ

WSFCU was started in 1974 to help women at a time when women found it nearly impossible to obtain access to financial services. Women had to have their husband, father, or even son sign for them to even withdrawal from their own account. Getting credit was even more difficult.

In honor of the Women's Southwest Federal Credit Union's 25th anniversary in 1999, Ms. Steinem came to Dallas to be our guest of honor. In her speech, she thanked those who had founded WSFCU for having honored her request in 1974 that the most important thing that women could do for the feminist movement was to start a credit union. She said that, even 25 years later, while women pay most of the bills, most of the wealth--the assets--are under the control of men. She urged feminists to deposit savings in feminist and women's credit unions in order to redress that imbalance.

Times have changed since 1974, but women still have less financial access today then men. Our community development credit union helps women rebuild their lives if they have had financial difficulties or if they have gone through a divorce. Women (especially those of low-incomes) receive bad credit, the kids, the run down vehicle, and live in an apartment where they struggle to pay the rent.

We tailor our services to every individual coming in to the credit union. Whether they need help repairing or building credit, we provide the type of service that meets their needs to fit their current financial situations. Members also come to us for resume building and job search assistance. We have some additional resources that enable us to provide them with additional job opportunities that are not published in the local newspaper.

WSFCU also provides assistance with income tax preparation. This year we will be a Volunteer Income Tax Assistance (VITA) site and provide services on a larger scale. We prepare roughly 30 tax returns a year and we anticipate this number increasing due to advertisement and word of mouth. This will save taxpayers hundreds of dollars they usually pay to tax preparation sites that charge them to do their returns. We process returns quickly, in order for women to receive their refunds (like the Earned Income Tax Credit and the Child Tax Credit) quickly without resorting to predatory rapid refund centers that charge nearly as much, if not more than the refund is actually worth. Our services will be free and we will offer filers the ability to establish an account, so they can direct deposit their return and can get their money free in just a few days.

Financial education is a major part of what we do. In a 3-mile radius of our credit union in Dallas, TX, there are 20 + tote-the-note car lots, several pawn shops, payday lenders, and check cashing outlets. Since the National Credit Union Administration (NCUA) has approved our expansion, it is our goal to reach out to the community residents on a larger scale. We provide financial education to local high school, youth church groups, and recreation centers.

During our educational sessions, we discuss in detail about the pitfalls of getting involved with predatory lenders and how much more it will cost if they look at the bigger picture. We provide examples of payments and interest rates and the changes that occur based off these higher rates for small loans. We talk about the type of vehicles and high interest rates they get from the tote-the-not car lots and problems they can anticipate from these vehicles. Most experience mechanical problems almost immediately, the car lots fix the problem but add the repairs to the balance of vehicle, greatly increasing the amount of the loan. Most of the community residents think they have no other options than to resort to high interest or predatory lenders; we want to inform people or their rights, what they can expect from these sorts of lenders, and provide them choices.

We feel that by providing education, our members will not feel pressured to pay high rates to borrow money or to cash their check. When we show our members or community residents the different scenarios in black and white and they can actually see the difference in payment and total interest it makes more sense to them and they are able to make informed decisions without being pressured to do something that makes them uncomfortable.

The Women’s Southwest Federal Credit Union (WSFCU) goal is to create informed members that know their rights as consumers and have real options. We are a certified Community Development Financial Institution that provides affordable financial products and services to women and low-income communities in the Dallas, TX area. WSFCU is pilot project of the Asset Accumulation and Tax Policy Project, helping people with disabilities become more economically self-sufficient.

http://www.wsfcudallas.org/

iTeri has been with WSFCU for 8 years now and manages all areas of the credit union. She is responsible for the day to day operation, budgets, grant applications, prepare loan packets for credit committee, board packets for the board. Teri also serves as the Treasurer for the board, and work with the auditors and examiners.

Before the credit union, Teri was the ABC Records Analyst for The Dallas Morning News for 7 years. She prepared all circulation reports, worked with the auditors, and helped prepare and reconcile the circulation budget.

Teri will graduate December 9, 2006 with a Bachelor Degree in Interdisciplinary Studies and will begin working on a Masters Degree in Criminal Justice in August 2007.