Students Learn Financial Responsibility with REGIONAL Federal Credit Union Student Branches

regional-fcu-portageREGIONAL Federal Credit Union knows how important it is to get high school students, even at an age as young as 14, to learn how to manage their money. The credit union has been helping students learn about financial responsibility, partnering with Portage High School for 23 years.

Every Thursday, the credit union sets up a booth in both the East and West Cafeterias during the three lunch periods to allow students to manage their money.

Jackie Wirebaugh, Student Credit Union Specialist, has learned the benefits of having a mini-branch of the credit union in a high school. "We try and just educate them on how to save a little bit, what kind of account may work best for them, [and] if they're going to college, what would be best for savings," Wirebaugh said.

The student branches offer just as many options as their full branches, as students are able to open and manage both checking and savings accounts, take out loans, order debit cards, and take out money from a direct deposit work-payment plan.

The REGIONAL Federal Credit Union student branches also give students the opportunity to work alongside Wirebaugh. These workers help with transactions and experience the different ways in which people handle their money. As an added benefit, they also get paid for the time they put in at the Student Credit Union.

"I enjoyed working with my supervisor and learning how to calculate and cash people's money. [My supervisor and I] had a lot of good discussions there," senior Caitlin O'Quinn, who worked at the branch last year, said.

As a way to make students aware that they are available in Portage High School, the branch often gives out small gifts as incentives for students to come take a look at what they can do with the help of the credit union. They can get these little prizes by doing anything from opening a new account to depositing as little as $1 into an existing account.

At the beginning of the school year, the Student Credit Union has a grand reopening to draw attention to their branch.

“It’s just fun for the students,” said Wirebaugh. “It gives them an idea of what we offer. It brings new students to the counter; it brings existing students back to know we’re back for another year.”

When students who frequent the credit union turn 16, they are sent a birthday card and can get a small gift for their birthday.

“It’s fun for us to give something back to the students and community, but it also gives us an opportunity to explain, ‘You’re 16 now, the responsibilities are growing, so you may want a checking account or debit card,’” Wirebaugh explained.

To also enforce the financial responsibility as a student, REGIONAL Federal Credit Union also offers Powerpay loans for 15- to 17-year-olds, where they can borrow up to $300 without a parent’s signature. This teaches students the importance of paying back loans as an adult.

High school accounts are also easier to manage. It only takes $1 to open an account, unlike an adult account which takes $5. The interest for students begins at the $1 amount, while an adult account requires a balance of $200 before interest begins.

These benefits allow students to slowly make their way into the world of money they will have to navigate as an adult. “We are a full service here,” said Wirebaugh. “Anything they can do at our office, they can do here.”