By Paul Bolster
There’s a new bank on the block. Pinnacle, a credit union that can meet most of your banking needs moved into the neighborhood just a year ago. Although it is the second oldest credit union in the state of Georgia (1926) and was founded by the Atlanta Public Schools to serve the financial needs of their employees, it is now open to the community.
“We hope to engage with the Porch Press neighborhoods more closely in the near future,” said manager Jerikah Felder. “Look for us at community events.”
Pinnacle still has employer-based members; however, due to changes recently made by the National Credit Union Administration, it is able to compete with other financial institutions anywhere in the state. In fact, they have a branch office in Putnam County and are planning to open a new Atlanta site near Mays High School sometime next year.
Look for their main office at 1342 Glenwood Avenue just east of the East Atlanta Village center.
The new Pinnacle Credit Union
Pinnacle offers full saving and checking services. Car loans and real estate loans are also available. They are currently paying 5% interest on a 12-month certificate of deposit and can manage traditional IRA or Roth IRA retirement accounts.
Maybe most important, their mission includes expanding financial services to households of limited means. Membership is open to any resident of Georgia who has $5 to deposit and has a credit score of 550. There is no minimum balance. No charge for cashing member checks. It offers a Quick Cash Loan of $1200 payable over 12 months.
Operations Manager Jazma Wise, who used to work for a large banking institution, likes her job because of its more human size and its mission. She see their bank as a competitor with the payday lenders in the neighborhood. “We are a real financial institution and not a pawn shop business that can charge customers whatever interest rate they choose. We hope people ask those unregulated shops what interest they will be paying on their emergency loans and come to us instead.”
