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Technology Credit Union Launches New Global Members Program
Silicon Valley credit union provides a suite of services targeted to foreign nationals and new-to-the-country workers
San Jose, Calif. (May 25, 2011) — Technology Credit Union has launched Global Members, a new program that offers services specifically focused on the financial needs of high tech workers who have recently come to Silicon Valley and foreign nationals who have established residency or gained citizenship.
Whether helping a new-to-country worker open a bank account and establish credit, an established worker buy a new car, or a seasoned veteran manage their finances, Global Members is unique. It takes into consideration both the professional and personal hurdles faced by a typical worker seeking employment in Silicon Valley while establishing a life here.
According to Compete America, a large coalition of high tech firms that advocates for reform of U.S. immigration policy, foreign engineers and other specialized workers who come to the Bay Area to work for technology companies are critical to these companies remaining competitive globally. The prevailing view is that there are simply not enough qualified Americans to fill the existing workforce needs. Tech CU offers financial products and services, advice and assistance to both high tech companies and their foreign employees to help make the transition for these workers into the U.S. as smooth as possible.
"When high tech workers move to the country—typically on an H-1B visa—they are faced with a distinct set of challenges, including the need to establish credit and set up their first banking account," says Harold Roundtree, SVP of Retail Banking for Tech CU. "Those who've been in the Bay Area for a while also have very specific financial needs—they may need to send money home or secure insurance for visiting relatives. Global Members was developed specifically to meet all of those needs as workers move along their professional and personal paths."
The Global Members Program consists of a core set of services that includes:
CreditStart: An exclusive loan program designed to assist employed individuals who are new to the U.S. with limited or no credit history. Members can apply for an auto loan or credit card with just two years of verifiable income in the U.S. or abroad.
Foreign Remittance in partnership with XOOM®: This service allows individuals to quickly send money abroad for bank deposit or cash pickup. Deposits can be sent directly to the recipient's bank account or the recipient can pick up the cash within minutes at tens of thousands of locations worldwide. A home delivery service is even available in some locations. Members can also send wire transfers 24/7 from the convenience of their computer or mobile device.
International Wires: Members can send and receive funds via an electronic transfer, direct deposit or check order safely from their Tech CU account to a recipient outside the U.S.
Travel Insurance: Tech CU has partnered with ExpertQuote Insurance Services, a Bay Area firm that offers travel medical insurance, to help those with visiting family members ensure their guests are protected by medical coverage while in the U.S.
For more details about Tech CU's Global Members Program go to: www.techcu.com/globalmembers. ABOUT TECHNOLOGY CREDIT UNIONFounded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Technology Credit Union has served the high tech workforce in Silicon Valley for 50 years. Today, Tech CU has extended its membership benefits to small businesses and individuals who live and work in the greater Bay Area. The credit union is recognized as one of the best-managed and strongest financial institutions in the country. Tech CU's 74,000 members have access to 60,000 surcharge-free ATMs nationwide, online and mobile banking, 9 full-service branches in the Bay Area, and comprehensive wealth management and small business services. To learn more, visit www.techcu.com.
54 years ago, forward-thinking high-tech employees at Fairchild Semiconductor knew there was a better way to bank.
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