Posts Tagged financial literacy

VIDEO: A Passion for Youth Financial Literacy

Posted by on Thursday, 3 June, 2010

Hard working credit union staff and enthusiastic people behind-the-scenes here at CUNA are what drive successful efforts such as the National Youth Savings Challenge.

This year, the National Youth Savings Challenge set records for both the number of youth savers and the number of new youth savings accounts.  Across the U.S. 168,438 young members (up 21.6% from 2009) deposited $24,811,741 with 10,385 new youth savings accounts opened (up 4.4% from 2009).

What motivates CUNA staff to go the extra mile for youth financial literacy? Watch this video…

You can see how personal experiences and a passion for youth financial literacy motivate those who lead CUNA’s youth financial literacy efforts. It’s more than a “job” to Lin, Rena, and Philip… their role at CUNA is something much deeper than that. To these folks, their job is about making a difference and helping credit unions help their members.

What personal experiences and enthusiasm drive you in your career? What youth financial literacy efforts from your credit union are you proud of?

>The "B" Word

Posted by on Thursday, 30 October, 2008

>About a month or so ago, Heather H. Harris– CU Enthusiast in Michigan, posed an interesting question to the DE list serve. She was looking for an alternative word for ‘Home Banking’ -

I know, I know…it’s a common word that most consumers understand and can relate to … however every time I type that “b” word I shudder — and cannot finish typing it!

I relate it to eating potato chips — once you open the bag, it’s hard to stop. And, I am personally very afraid to start using that “b” word because this “credit union enthusiast” believes in the power of words and their message.

I advocate “keeping purpose constant” and protecting credit union uniqueness — and if this consummate credit union enthusiast caves, what next?!

Help me get past it and over it — or remind me to stand firm.

The responses to her question were undoubtedly interesting and polar. The following were suggested alternatives and some reactions:

  • Online Access
  • CU’r money on line ; CU’r money on line
  • Internet Branch
  • Online bill pay
  • Online account access
  • e-Branch
  • Online Branch
  • Online transactions
  • Visit your credit union online
  • CU Online
  • E-account; e-share
  • E-member
  • online finances
  • financials
  • Online branching
  • Home branch
  • Online member access
  • CU Acce$$

“Online banking is a verb and the way people refer to the act. Trying to use something else will confuse your current and potential members and they will avoid the product because they won’t understand what it is. Don’t let the word hang you up. Your job is to grow the credit union, make it stronger and make sure it is there for future generations.”

“I’ve dabbled in the use of “b” word from time to time but only when there was no other alternative and then I’ve gone back to more comfortable phrasing. While it is true that banking is a word with strong identity so is anything that references accessing your finances via PCs or other devices. Stay “b” free if possible.

“…And with the image of banks today, I believe we should establish this as the generic verbiage for credit unions like on-line banking is the 4 letter word. Let’s separate credit unions from those guys!”

“This issue of terminology seems to be endemic to CU land, dividing the cooperative purists from those who say – let’s get with it and use current financial services terminology. …It’s hard to fight the trend.”

“We’re only going to marginalize ourselves if we don’t use the common language. Like a trout swimming upstream all year long!”

“The problem is not with the B word. The word “banking” is defined as the business of a bank. That must mean that we need to define what the business of a credit union is…”

“It’s dangerous for credit unions to continue to straddle the fence … you’re either a bank or you’re a credit union. We need to stop blurring the lines because their failures become ours in the mind of the consumer.”

What do you think?

>What is a "Checking Account?"

Posted by on Monday, 18 February, 2008

>In the age of plastic and electronic bill pay…who writes checks?

Is the term “checking account” itself a stumbling block to engaging young adults? Yeah, “free checking” is all well and good to advertise, but many online and card wielding folks might think, well, I don’t write checks so who cares?

Seriously, long term strategy: at what point is the term “checking account” rendered meaningless? I write probably 1 or 2 checks every few months – there is going to come a time when a rebranding is in order.

What does that look like and how can CUs own it?