Due to our current economic troubles, many California businesses have succumbed to low consumer demand. Terminating investments has become unavoidable for many of these companies. As common as they have become in the last few years, it is still saddening to see these cutbacks taking place in our county. Like many other businesses, Tulare County Federal Credit Union has not been immune to this economy. Effective February 26th, TCFCU’s branch at the College of the Sequoias will be closing.
Over the past four years, TCFCU’s COS branch brought many advantages to students at the college. With features like free online banking, a $1 minimum savings account requirement, and convenient on-campus location, this bank could be considered an excellent banking choice for students. Plus, TCFCU offers an internship to students interested in the banking profession. This allows them to gain hands-on experience working in the COS branch. Pairing this internship with COS business classes makes for an easy transition into the job market upon graduation.
With many great additions to the campus, it’s hard to believe the branch would see its end so soon. When the branch first opened in 2006, it had plans to receive ample business here at COS. For the first few years, it did. However, about one year ago, a company known as Higher One, Inc. obtained a large portion of TCFCU’s business here on campus. Phillip Clarey, the current CEO of TCFCU comments on the matter. “The decision to leave the campus is due in part to the financial aid program not being awarded to the Credit Union [TCFCU], resulting in the campus branch no longer having the financial success necessary to be economically sustainable.”
Although the branch will be lost, the connection is not broken. Over the years, the COS Business Division has formulated a solid partnership with TCFCU and many great things have come because of it. Brian Bettencourt, COS Business Division Chairman comments on the matter. “The business division is certainly saddened at the loss of this great program on campus. However, we have nothing but positive thoughts and connections and will continue our relationship with the Credit Union with the intern program.”
TCFCU has also expressed interest in maintaining the internship program. They will also maintain the on-campus ATM, and would like to thank Lucy Decaro, Debbie Douglass, and all the interns involved in the program for a great experience.
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