NAPERVILLE, Ill. (11/15/11)--ICUL Service Corp. (LSC), a subsidiary of the Illinois Credit Union League, has introduced a pre-paid debit card and a financial education tool for teens.
LSC's CUMONEY Family Card is part of a continuing expansion of a partnership with CUNA Strategic Services (CSS) to market LSC's travel, gift and general purpose reloadable debit card programs.
"Credit unions know how critical it is to engage young members while providing financial education," said Wes Millar, CSS senior vice president. "The CUMONEY Family Card is a great tool for parents and credit unions to teach money management skills."
The Visa-branded card carries the teen's name and is funded by the parent with oversight and restrictions established by the parent. Parents and other gift givers have the security of knowing that cards are not directly linked to their accounts--funds are only loaded from the accounts.
In addition to the 20 million Visa locations worldwide, the CUMONEY Family Card works at ATMs. Teens and parents also have free, unlimited 24/7 access to www.cumoney.com to check balances and transaction histories.
"The best way to learn is through hands-on experience," said George Fiegle, LSC executive/chief operating officer. The credit union "can help young members develop responsibility and provide them a product they really want."
LSC and CSS have partnered on gift and general purpose reloadable debit card programs since 2009.