AUSTIN, Texas – Amplify Credit Union and Workforce Solutions Capital Area today announced a partnership that aims to increase access to banking services for Workforce Solutions clients and employees. Under the new agreement, Workforce Solutions clients and employees will receive custom benefits from the credit union, including automatic approval for checking and savings accounts and reduced interest rates on lending products.
“As a mission-driven organization, we have long admired Workforce Solutions for their efforts to create economic success throughout Central Texas,” Kendall Garrison, chief executive officer at Amplify Credit Union, said. “Every day, our two teams get up and tackle the same challenge: how to make our community more affordable for its residents. I’m thrilled to be able to work together in the months ahead.”
This is a new avenue in which to alleviate the barriers that banking fees can have to economic independence and success for so many in our community.”
—TAMARA ATKINSON, WORKFORCE SOLUTIONS
In 2022, Amplify became the first full-service financial institution to remove bank fees. Since then, Amplify has charged a total of $0 in bank fees to its members, opening the door to a sustained membership program for Workforce Solutions staff and employees meant to create a financial safety net for those experiencing or supporting a career transition.
“Helping Austinites access local jobs and resources to live and thrive in our community is what Workforce Solutions does, so to be able to offer custom banking benefits to our job seekers—and our employees—is another innovative solution to an affordability problem in our community,” Tamara Atkinson, chief executive offices at Workforce Solutions Capital Area, said. “Workforce Solutions clients are traditionally those who are most likely to be negatively impacted by systemic inequities, such as those found in banking. Thanks to the trailblazing work of Amplify Credit Union, this is a new avenue in which to close that gap and alleviate the barriers that banking fees can have to economic independence and success for so many in our community.”
Access to equitable banking services remains a major challenge for millions of Texas. A 2020 study by the Federal Deposit Insurance Corp found that more than 10 million households in Texas were unbanked in 2019, with most respondents reporting that minimum balance requirements as the biggest obstacle to receiving financial services. As part of this agreement, Amplify will offer guaranteed approval for referrals and work with clients to navigate outstanding charge offs or account delinquencies. The credit union will also offer custom resources and educational tools.
“Every financial journey begins with a bank account, which is why it’s so important that financial institutions make access to those accounts as painless as possible,” Stacy Armijo, chief experience officer at Amplify Credit Union, said. “If we want to help Texans grow their savings, then our job is to remove every possible obstacle between our members and that growth. That means no account minimums, no balance requirements, and, most importantly, no bank fees.”
For those in the next stage of that financial journey, Amplify will also be offering clients and employees of Workforce Solutions custom rates on services like auto and personal loans, saving them hundreds or even thousands of dollars over the life of these loans. These custom rates come with onsite or virtual consultation from Amplify’s community bankers and lenders, financial experts trained to help families navigate the lending marketplace.
“We have a saying at Amplify: put your money where your morals are,” Garrison said. “By partnering with Amplify, Workforce Solutions has proven that it shares our vision for a feeless Texas. We cannot wait to do our part to help their community get the most from their finances.”
About Workforce Solutions Capital Area
Workforce Solutions Capital Area is the non-profit organization that serves as the leadership and governing body for the Austin/Travis County area workforce system. They are responsible for the planning, oversight, and evaluation of workforce development activities in the Capital Area. Learn more at WFSCapitalArea.com and follow along on Facebook, LinkedIn, Instagram, Twitter and YouTube.
About Amplify Credit Union
Amplify Credit Union offers fee-free banking and award-winning lending throughout the state of Texas. In 1967, the organization was founded as the credit union for IBM employees in Austin. Today, it provides digital-first banking and lending services to 60,000 members, including home loans, checking & savings accounts, commercial lending, and more. In addition, Amplify has been named a Top Workplace in Austin for three years in a row, and this year was named a Top 50 Workplace in the USA. The organization is rooted in its mission to improve the financial lives of its members and uses the proceeds from that to provide a safe place to call home for those without. Join us at www.goamplify.com.