OAKDALE, Minn. (2/25/13)--Postal CU, based in Woodbury, Minn., has opened an in-school branch that features an ATM.
| Postal CU President Brian Sherrick helps celebrate the grand opening of the credit union's student-run branch at Tartan High School, in Oakdale, Minn. The branch features an ATM. (Photo provided by the Minnesota Credit Union Network)|
The credit union recently celebrated the grand opening of its student-run office at Tartan High School, in Oakdale, Minn. The branch serves the credit union's mission of offering financial education and providing students with tools to prepare them for life after high school.
"We have always been a strong supporter of financial literacy and giving back to the community," said Brian Sherrick, Postal CU president. "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 three students who helped start the branch, and who are responsible for the branch's day-to-day operations, are part of the high school's marketing and business club.
The credit union has developed two products to help students learn about finances and develop good credit. The Savers CD pays an above-market rate of 2% 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 a personal loan of up to $2,500, which is 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.