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Minnesota’s Postal Credit Union Teams With Marketing Students to Open In-School Branch
OAKDALE, MN – With help from a group of tenacious high school students and their marketing teacher, Postal Credit Union has achieved its longtime goal of opening an in-school credit union branch.
The Woodbury, Minn.-based credit union recently celebrated the grand opening of its student-run office at Tartan High School, in nearby suburb Oakdale. This in-school branch highlights the credit union’s mission of providing avenues for financial education and giving students tools to prepare for life after high school.
“PCU is proud to partner with Tartan High School on this endeavor that will benefit everyone – students, teachers, and even parents,” said Postal Credit Union President Brian Sherrick. “We have always been a strong supporter of financial literacy and giving back to the community. Implementing a student-operated credit union is the perfect way to merge those two goals into one product that is representative of what we stand for as a financial institution.”
The two high school juniors and a senior who helped get the student credit union off the ground, and who are responsible for the branch’s day-to-day operations, are part of Tartan’s DECA program, a high school marketing and business group. All three said they welcome the opportunity to learn more about how a financial institution operates and to help educate their peers on the importance of saving, budgeting and developing a strong credit history.
“Being able to combine work and school, and working with friends, has been remarkable,” said student worker Marc Buchmayer. “It’s great to be able to teach other students that financial literacy is important. Learning about how to save is important, especially with going to college.”
The student workers’ marketing teacher and DECA adviser, Craig Spreiter, is a Postal Credit Union member and has a longtime partnership with the credit union in bringing financial education opportunities to Tartan High School. He said the new in-school credit union branch, and accompanying ATM, are great ways for the students to get firsthand experience of what money is all about.
“We try to do a lot to prepare students for life beyond high school. This student branch will help us teach them how to use an ATM and use a debit card, without overdraft fees. We can teach them that saving money can be just as fun as spending money.”
Two products the credit union has developed for students to help them begin to learn about finances and develop good credit is a Student Savers CD and a Credit Builder Loan. The Savers CD pays an above-market rate of 2 percent and is available to members ages 12-17. Students get a certificate of deposit for amounts from $25 to $1,000 that mature on their 18th birthday. The Credit Builder Loan is given in amounts up to $2,500 and placed on hold in the student’s savings account. Monthly payments are made to help build the student’s credit and when the loan is paid in full, the funds are released to the student.
The Minnesota Credit Union Network is an organization representing the state’s 134 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota.
For more information, visit www.mncun.org.