FourLeaf and local business reps cut the ribbon for FourLeaf’s new branch in Bayside on October 9. Robert Suarez, Four Leaf’s Vice President of Governmental Affairs, is on the far right.
By COLE SINANIAN | news@queensledger
FourLeaf Federal Credit Union is having a big year. Formerly Bethpage Federal Credit Union, the financial services not-for-profit rebranded earlier this year and has continued its expansion across Queens, all the while doubling down on its commitment to providing financial literacy and accessible banking services to the borough’s diverse communities.
On a bright Thursday morning in October, FourLeaf celebrated the opening of its fourth branch in Queens with a ribbon cutting and bagel-filled reception at The Bay Terrace Shopping Center in Bayside. The reception was somewhat of a who’s who of The Bay Terrace, Bayside’s sprawling commercial nucleus, which has come to represent the healthy economic development Bayside has seen in recent years. Besides the bagels, coffee was poured, donut holes were eaten and free-cookie coupons were distributed for the nearby Chip City cookie shop.
At the center of it all, buzzing around in a crisp blue suit, was Robert Suarez, FourLeaf’s Vice President of Government Affairs. Though born in Brooklyn, Suarez’ recalls coming to Bayside as a kid with his cousins, where they’d rollerblade and play handball before hitting the shops. Now, he’s come full circle: at FourLeaf, he’s serving the community he knows so well through an array of financial literacy programs aimed at helping people get the most from their money.
As an example, Suarez recalls a single mom with two kids from Hempstead, Long Island, who was convinced she’d never own a home. She opened an account with FourLeaf, and over years of receiving expert financial counsel from the team, was able to save up enough to purchase a house after winning an affordable housing lottery.
FourLeaf is a credit union, a type of not-for-profit financial institution that funnels all earnings back to its members instead of seeking a profit for shareholders. Membership is gained through opening an account and depositing $5, after which maintaining a checking account is completely free. Suarez compares it to a Costco membership but for banking, although in the case of a credit union, the business is completely owned and operated by its members. Through its vast shared network of credit unions nationwide, FourLeaf members can access financial services at partnered institutions, even if they’re in a different state.
This model is essential to FourLeaf’s mission of serving the communities in which it operates. The point is not to extract value from its customers, but to support them.
“We want to educate our members to really understand the financial dynamic of things in life through their relationships with financial institutions,” Suarez says. “That’s key, because unfortunately 19% of our branches are in underserved communities, and what we really like to do is encourage people, not send them to predatory financial institutions.”
This is done through promoting financial literacy from a young age. FourLeaf offers a youth digital banking system to kids ages 13 and up, which allows children to begin developing good money habits early in life. At its branches, FourLeaf also provides VITA — or volunteer income tax assistance program — services to qualifying seniors, people with disabilities, non-native English speakers, and low-earners. Through VITA, FourLeaf members can get personalized assistance filing their taxes to ensure maximum returns.
These are just a handful of examples of FourLeaf’s position as a driver of community growth. As Suarez notes, Bay Terrace and its bustling commercial heart is a living reminder of the good that can come when a community invests in itself.
“I may not change the world,” Suarez says, “but I’m making impacts on individuals each and every day, and I’m blessed to really see the impact of the programs and not only from our products, but from the services that we offer, which can really change somebody’s life.”
