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CU System
Sen. Hagan headlines high school branch opening
GREENSBORO, N.C. (10/5/09)--U.S. Sen. Kay Hagan (D-N.C.) cut the ribbon to celebrate the opening of Allegacy FCU’s fourth student-run credit union, Bobcat Student CU, at a local high school Sept. 21. While celebrating the student branch’s opening, Hagan also discussed the details of the Financial Literacy for Students Act of 2009, her first piece of legislation as a U.S. senator (Weekly Update Oct. 1). “We’ve got to empower people to make smart financial decisions,” Hagan said. She commended Winston-Salem-based Allegacy and R.B. Glenn High School, where Bobcat Student CU is located.
U.S. Sen. Kay Hagan (D-N.C.), center, cut the ribbon to celebrate the opening of Bobcat Student CU at a Winston-Salem, N.C., high school. The student-run credit union is a branch of Allegacy FCU, also located in Winston-Salem. (Photos provided by the North Carolina Credit Union League).
Saving just a dollar or two a week adds up, North Carolina Credit Union League President John Radebaugh told students at the opening of Allegacy FCU’s student-run branch at R.B. Glenn High School in Winston-Salem.
One-third of adults in a recent Harvard University study didn’t understand compound interest or how their credit card accounts work, Hagan said. The lack of basic financial knowledge at home underscores the need for financial education in the classroom, she added. “Our students need to enter the work force with the skills to make smart financial decisions when applying for credit cards, securing student loans, taking out a mortgage or managing a budget,” Hagan said. Bobcat Student CU will be staffed by 10 student volunteers and a teacher liaison and will be open during lunch three days a week. The volunteers will accept deposits and help student manage their accounts. They also will receive course credit for their work. North Carolina Credit Union League President John Radebaugh, who attended the opening, encouraged students to join the credit union and save money. “Even if it’s only a dollar or two a week, it does add up,” he said.
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