A truly community-driven credit union in Seattle Washington
Recently, we’ve been featuring banks which are members of the Global Alliance for Banking on Values (GABV), an international organization of banking institutions and strategic partners whose goal is to influence the current banking industry and cause a shift towards community banking. Although there are only a handful of GABV members in the United States, they’re some of the most innovative and influential because of their alternative approaches to banking. Verity Credit Union in Seattle, Washington, is one of these members, and they’re a fantastic example of GABV member banks being innovators and positive influences on the banking industry as a whole.
Verity has a long and varied history, starting in 1933 when they were formed as a credit union for postal workers. They continued expanding service to other government employees, then changed their name to Verity in 2003 when they decided to accept anyone who lives, works or worships in Washington state as members. Since then, they’ve made their motto “in the community, by the community, for the community,” and practice this in all areas of their service.
While Verity CU provides excellent financial service to its members, including mobile and online banking and all of the modern technologies the industry has come to expect, where they really stand out is the relationship banking that is rare in a city as large as Seattle. Each branch has different initiatives and projects depending on the qualities of the neighborhood. They feature local artists’ work in their branches and advertising, and offer financial coaching to all their members. They also work closely with many local non-profits to make sure that their credit and lending needs are met.
In our search engine, Verity shows up in the middle of the list because while they do a fair amount of small business and housing lending, they also offer many unconventional loan products which might not be accounted for in our metrics. They have a micro-grant program, which accepts applications from local art and music projects, sustainability projects, or any projects that may align with their values. According to their 2019 impact report, they make an effort to help members in difficult financial situations through creative solutions not offered by traditional banks. Ninety-five percent of their loans are made directly to members.
We would recommend Verity Credit Union as a great Better Banking Option to all those living or working in the greater Seattle area. To check their branch locations or sign up for a checking account today, check out their site. If you don’t live in Washington state and are looking for a Better Banking Option near you, check out our other bank profiles or use our search engine to find the banks and credit unions making the most wealth-building loans in your area.