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News Now

CU System
CUs look to young members to counter aging population
ALBANY, N.Y. (11/19/12)--Three New York state credit unions are appealing to Gen Y consumers with strategies that combine technology, location, products and special programs. 

The credit unions are employing the strategies to counteract the effects of an aging population. Nationally, the average credit union member is 47 years old. (See related News Now story, Aging members prt of national trend.)

In recent years SEFCU, based in Albany, has opened branches at the University at Albany, Skidmore College in Saratoga Springs, Rensselaer Polytechnic Institute in Troy and Binghamton University (The Business Review Nov. 16) .

Students who visited branches on Oct. 25 wearing their school colors were eligible to win iTunes gift cards

Sunmark FCU, with $372 million in assets, Latham, N.Y., does not have any on-campus branches, but it has joined a shared branching network and has launched a private student lending program. The lending program has first-year volume of $1 million, according to CEO Bruce Beaudette told the Review.

CapCom FCU, with $972 million assets, Albany, also offers a College Bound program for prospective students. The program includes two college planners who work with students as a free member service.

CapCom offers a youth program it recently took over from First Niagara Bank. Through the program, the credit union accepts deposits from elementary school students. The credit union had 4,000 youth accounts through the end of September, said Paula Stopera, president/CEO of CapCom FCU.
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