Student Credit Union News
REGIONAL opened a student-run credit union branch at Hobart High School on Wednesday, November 8, 2006, bringing the total number of REGIONAL student credit union branches to five.
The first REGIONAL student-run branch opened at Portage High School in 1990 and continues operation today. In the spring of 2006 REGIONAL opened a branch inside Scott Middle School in Hammond, and in the fall added student credit union branches at Bishop Noll Institute and Morton High School in Hammond in addition to Hobart High School. REGIONAL also sponsors the “Buck Stops Here” program at Morton Elementary School in Hammond.
At the student credit union branches, members can make deposits and withdrawals during lunch on days the branches are open. Additionally, members at the high schools can take advantage of the Power Pay loan or free checking accounts. Students learn savings and money-management skills and gain real-world financial experience at the branches. Student workers also learn skills such as cash handling, member confidentiality, and professionalism.
“The response to our student credit union program has been incredible this year,” says Jill Banning, President and CEO of REGIONAL. “The reaction to these programs by students has been overwhelmingly positive in every case. It shows that young people want to develop money management skills and get into the habit of saving now while they’re young instead of waiting until later in life.”
Nationwide, there are less than 500 student credit union branches in operation, and REGIONAL is the only financial institution in Northwest Indiana currently sponsoring student-run branches. “REGIONAL began as a credit union for teachers, and education has always been one of our core values as a financial institution,” adds Banning. “The student-run credit unions reflect both this commitment to member education, and a continuation of our legacy of maintaining a close bond with the schools of Northwest Indiana.”
In the spring of 2007, REGIONAL will open a student branch at Morton Elementary School, and talks are underway with other area schools to open student credit unions in 2007.
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