Headlines via Email
RSS Feed
What is RSS?
 |
 |
News Now LiveWire
Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE
Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD
Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7
WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN.
Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN.
CUs mark new milestones at in-school-branches
MADISON, Wis. (8/27/08)--The credit union movement broke two barriers in August, with 200 credit unions reporting that they are operating student-run branches in more than 700 K-12 schools nationwide.
The 27% increase in schools represents the year-to-date growth spurt in reported in-school credit union branches since the Credit Union National Association (CUNA) began tracking the phenomenon in 2001.
CUNA's new Model Youth Program Guide reveals that--depending on setup and hours--a single in-school branch can cost between $700 and $25,000 per year to operate. In most cases, then, the primary motive for setting up a student-run branch is educational.
"There are many ways to teach children about smart money management," said Jim Hanson, vice president of CUNA's center for personal finance, "but making it as easy as possible for them to save is one of the best."
Hanson noted that the No. 1 factor influencing how adults choose a financial institution is convenience "Why would youth be any different?" he said. "Kids and teenagers spend a fourth of their lives in school. Having a credit union as close as the cafeteria makes money management as convenient as choosing pizza versus mac and cheese."
But financial education is not the only reason to open a branch in a local school. The branch also represents a potential competitive edge.
"As far as we can tell, the credit union movement has a much greater presence in schools that the banking industry. We expect that to change, however, once banks calculate the lifelong advantage that comes from being a third-grader's primary financial institution," Hanson said.
According to CUNA's online directory, credit unions have set up shop in elementary, middle, and high schools in 32 states and the District of Columbia. Credit unions can report their in-school branches or update their record on CUNA's website. Use the resource links for more information.
More CU/System
Copyright © 2009 - Credit Union National Association, Inc.
