MADISON, Wis. (1/2/08)--At least 555 schools across the nation operate in-school credit union branches, with Michigan leading the pack, according to year-end data from the Credit Union National Association (CUNA). CUNA’s online directory indicates that 169 credit unions in 30 states and the District of Columbia operate in-school branches at all age levels. Several states stand out, including:
* Michigan, with 48 credit unions in 259 schools; * Virginia, with 11 credit unions in 54 schools; * Wisconsin, with 18 credit unions in 42 schools; * Texas, with 13 credit unions in 25 schools; * New York, with four credit unions in 21 schools; and * Massachusetts, with six credit unions in 20 schools.
But because the data is self-reported, the totals are likely understated, said Phil Heckman, CUNA director of youth and young adult programs. “To build a more accurate picture of credit unions’ extraordinary efforts to help youth build a savings habit, I encourage each credit union that should be listed in our director to use our online form to report its involvement and keep its record up to date,” Heckman said. All reported in-school branches are student-run to some degree. Most offer basic savings accounts and limited withdrawals, and require a visit to a full-service office for other services, according to Heckman. Many credit unions tie their branches to personal finance instruction in the classroom and use teller positions to recruit students for internships. Some have even hired student tellers after graduation, he said. The CUNA directory serves as a resource for credit unions that want to open an in-school branch. “It also helps document the degree to which credit unions put other financial institutions to shame when it comes to engaging youth in learning to set financial goals and take control of their financial futures,” Heckman said. For more information, use the links.