Brockton, Mass.-based HarborOne Credit Union is breaking new ground. The 154,250-member institution with $1.8 billion in assets has launched an initiative in Mansfield called HarborOne U, which will offer an array of financial-education opportunities for local residents in the form of classes, seminars and workshops.
It’s similar to the Multicultural Banking Center the credit union operates in Brockton for low- and moderate-income residents. Maureen Wilkinson, HarborOne vice president and director of HarborOne U, answered five questions about the new center.
PBN: At the centers in Mansfield and Brockton, has the credit union found that mostly members take advantage of these seminars and services? If not, is there are emphasis on getting participants to become members?
WILKINSON: HarborOne has found that mostly nonmembers take advantage of our seminars and classes at the MBC in Brockton given they are referred to us by other organizations such as the Adult Learning Center and Catholic Charities. We view the MBC as a long-term initiative that provides the information and skills necessary to help residents of this area make better informed financial decisions for themselves and their families. And more often than not, they eventually establish a banking relationship with HarborOne after taking classes at the MBC.
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PBN: Why open HarborOne U in Mansfield? Is it located in an existing branch?
WILKINSON: At HarborOne U, our primary objective is helping people in our communities expand their financial knowledge as well as providing them with life-stage information and support. The positive feedback we have received from our MultiCultural Banking Center in Brockton led us to conduct research that has indicated a strong interest in financial-education classes, seminars and events for individuals and business owners living in a much broader community. Our existing Mansfield branch provided ample classroom and meeting room space as well as the convenience of being located near major traffic routes. We’re confident that we can meet the financial-education needs of a broader audience from this convenient location.
PBN: What’s the cost – both to the credit union and to the people who participate?
WILKINSON: HarborOne has made an initial investment in technology and furnishings for the classroom and meeting rooms at HarborOne U, and we expect to continue to invest in the facility as the curriculum evolves. In most cases, classes are offered free of charge. Some courses require a nominal fee to cover course materials.
PBN: Can you give an overview of how the MultiCultural Banking Center in Brockton has been received? Why did that come about, was the center an effort to reach out to the “unbanked” and “underbanked”?
WILKINSON: In an effort to help low- and moderate-income residents, minorities and immigrants avoid predatory financial practices, HarborOne created the MultiCultural Banking Center in Brockton in 2007. The center, believed to be one of the first of its kind in the nation, is committed to assisting people avoid mortgage gimmicks that helped fuel the foreclosure crisis, which severely impacted the Brockton area. The center is also designed to help move people into mainstream banking products and away from payday lending, expensive check cashing services, unscrupulous pawnshop owners and rent-to-own vendors. To date, more than 3,000 area residents have taken classes at the MBC, and HarborOne has received numerous local and national awards of recognition for its work with low- and moderate-income residents, minorities and immigrants.
PBN: Does HarborOne U have an expiration date, a time when it will close? Or does that only depend on popularity? Are there plans for other “campuses”?
WILKINSON: HarborOne U has just opened and there is no expectation that it will expire; rather, this learning center and its curriculum will continue to evolve to meet the needs of the consumers in our communities just as its model, the MBC. In the future, we would not rule out the possibility of expanding HarborOne U to include additional campuses.
