Ocean Financial Federal Credit Union unveils accounts and education programs built for kids
“Let’s Make Cents” program teaches financial literacy for a generation
OCEANSIDE, NY (July 20, 2020) — Ocean Financial Federal Credit Union (OFFCU), with branches on the south shore of Long Island, today unveiled a set of financial products in conjunction with their education program called “Let’s Make Cents,” designed to help teach kids how to properly manage money.
“Only five states – and New York isn’t one of them – have a formal personal finance requirement in school so it’s no wonder that kids get into financial trouble once they start making and spending their own money,” said Joe Tedesco, President & CEO of Ocean Financial Federal Credit Union. “Teaching kids early how to spend, save and manage their money smartly will develop long-term habits to help them avoid bigger mistakes when they become adults.
The new products include:
Youth/Student Checking: A fully-functional checking account with a debit card (no overdraft protection options available until age 21) that allows kids to start spending money wisely and responsibly.
Youth Savings Account: Providing 4.00% APY on balances up to $1,000 and Regular Share APY on balances over $1,000. This account converts to a regular share account when the member turns 21.
Youth/Student Certificates of Deposit (CD): Meant to encourage long-term saving for the credit union’s younger members, with a starting deposit of just $100. Typically a CD must be opened with a $500 minimum deposit. By lowering the open balance, the child can have a sense of their own saving options.
All children under the age of 18 must have a parent or guardian sign on to the account and accounts can only be opened in person (not online). All Youth accounts must be opened in a branch with a parent or guardian listed as joint member for children up to 18 years of age.
The “Let’s Make Cents” program, which is underwritten by Ocean Financial, has been offered in Catholic Grammar Schools in the Diocese of Rockville Centre since 2015.
OFFCU logo attached credit Ocean Financial Federal Credit Union.
About Ocean Financial Federal Credit Union
Ocean Financial Federal Credit Union was formed in 1969 by a group of Father Joseph O’Connell Knights of Columbus members looking to provide financial services to Brother Knights and their families. Over the years, the credit union has evolved in name and in field of membership, while maintaining ties to their Catholic roots. Today, Ocean Financial has grown to over $316 million in assets, serving members of the Knights of Columbus in New York State, the Diocese of Rockville Centre, and any Catholic interested in the credit union. Inspired by their Catholic values, Ocean Financial provides exceptional products and services to the Catholic community. The credit union takes pride in having catholic values you can bank on. Ocean Financial promotes these values through the entire organization, down to the logo.
To learn more, visit https://www.oceanfinancial.org