FINANCES

Families arewelcomed at Weld CountyCreditUnion. (Photo courtesyWeldCountyCredit Union)

SMART IDEAS:

Investing inyour children’s futurewith Youth Savings Accounts at Weld Community Credit Union

BY EMILY KEMME MARKETING FEATURE

Weld CommunityCredit Unionhas agoal: to create a positiveexperienceforcustomersofallageswhenthey walk through the doors of their financial institution. As amember-owned cooperativewith amissiontoprovide financialservicesbasedonthephilosophy,“Peoplehelpingpeople,” an essential pillar of that missioncenters on educating youth tobe financially responsible,independent adults.

“Wemake it fun forour youth to come in and deposit money; itgetsthemintothehabitofcomingintothecreditunion,”CCU marketing director JoleneYates said.

Encompassing abeliefthat it’s nevertoo earlytostartsaving money,WCCU has an account to fit everyfamily’sneeds.Two levelsofyouthaccountsofferopportunitiestolearnwhyit’sagood practicetosaveforthefuture,andunderstandhowtomaagemoney.

Because the accounts arefamilyoriented,the youth clubs offer ageappropriate activities that foster engagement,and kids gain a solidunderstanding of wheretheir moneyisgoing.All accounts requirejoint ownership with an adult over age18.

Forkids12andunder,afteropeninganewaccounttheyreceive apiggybank and kid’s cash (called MonkeyBucks) to collect and save.Young adults ages 13-17 canopen aStudent Club account, whichincludes eChecking.This levelprovides access to WCCU’s online banking system and mobile banking app.

It’s allabout creating excitement forbanking while educating kidsonhow finances work,Yates said. AgebasedYouth Club activitiesareaccessiblethroughWCCU’snewsletter.Theyoungest group,Coin Collectors (ages 0to5)can playeasy counting or coin identificationgames.CurrencyCaptains (ages 6-12) are assigned math problems,and the CreditChampions (ages 13-17) candownloadZogo, afreesmartphone app whichbreaks down

Startingasavings account earlyisthey’re earningagoodpracticetoteach money mangement. (Photo courtesy Weld CountyCredit Union)

complicatedfinancialtopicsintomodulestoeducateyoungadults about financial literacy.

“Studentsgothroughthetutorial,thenthey’requizzedinfive questionsonwhattheyjustlearned.Theideaiswhile they’re learning,they’reearning,”marketingspecialistKristenCampbell said.

Studentscompletingthemodulesearnpineapplestotradefor gift cards. Youths involved in theearly childhood programs can earn kid’scashafter completingactivitiesand making deposits. Cash maybeexchanged fortreasurechest prizes.Yates believes bankscan be intimidating places foryoung people.That’s why WCCU hasa playhouseinthe lobby,and kids areencouraged to gettoknowthe tellerswhentheymakedeposits. In turn, tellersmakeitfun,interpersonaltransaction,rewardingkidswith stickers andplaying counting gameswithfakemoney.

Thenewsletterseducateonwhysavingsaregoodpracticesand getthe entire family involved.

“Young kids gettopicstodiscuss with theirparents,which mightinclude ideasfor age-appropriate chores so kids canearn when workingaround thehouse,” Yatessaid.

Campbellharnessesthepowerofsocialmediawitheducational articles aboutsavings andteachingbyexample. The program encourages children to help otherpeoplebydonatingbacktoa cause. Many families participateinthe Salvation Army Angel Tree,where achild buys agiftfor anotherchild andbringsitto thecreditunion fordistribution.

WCCUalsoofferssavingsaccountsandcertificatesofdeposit with alower minimumdeposit rate to getstarted.Typicallythe minimumis$500;forchildrenunder18theminimumdepositis $100. CollegeIRA savingsaccountsare available,too.

YatesseestheYouthClubprogramasbeinginthebank’sbest interest.“The moreweteach theyouth today, we have members that arefinanciallyresponsible.It’sawin-win. ” To learnmoreabout WeldCommunityCreditUnion,stopinat 255547thAvenue,Greeley,orcall (970)330-9728.