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Franklin Mint Federal Credit Union’s Youth Advisory Board Offers Valuable Feedback
Broomall PA: Franklin Mint Federal Credit Union’s newly established Youth Advisory Board already is proving to be a valuable asset for the Broomall (PA)-based financial institution, by providing FMFCU staff with a young person’s perspective. At the same time, the 10 board members, representing five different Delaware County high schools, are learning all about business, banking and the non-profit world, while gaining important business leadership skills.
According to FMFCU Assistant Vice President/Director of Education Rick Durante, who’s also co-directing the 2006-2007 Delco Hi-Q competition, the Youth Advisory Board was created to assist the credit union in reaching the youth market (ages 14-18). The board makes recommendations to help guide the credit union’s youth outreach initiatives in product development, marketing and education. Eventually, board members will have an opportunity to attend FMFCU Board of Directors meetings and to work on special projects.
“We’ve made a big commitment to you, your schools and the community. We need your feedback,” said Durante to the students at a recent meeting.
The Youth Advisory Board is a subcommittee of FMFCU’s Education Committee. Its members meet at FMFCU headquarters monthly, with a credit union representative, to focus on the financial needs of young FMFCU members and the methods that could be utilized to attract and retain younger students. Board members serve for one year and are eligible to apply for a second term. They were appointed from among the credit union’s current student branch employees, who show a strong interest in the high school branch program.
FMFCU’s first in-school financial facility was established at Interboro High School in September 2004. Since then, branches have opened in Upper Darby, Penn Wood and Springfield high schools in Pennsylvania. A fifth branch is anticipated to open soon at Strath Haven High School. All high school branches offer most of the same products and services available at FMFCU’s other locations. Students, faculty, staff and parents can deposit funds, open accounts and apply for loans. They can check balances, transfer funds and view their account history through an Internet connection to the credit union’s website.
Because students operate the branch, under the guidance of FMFCU’s Student Cluster Manager Kelly Lynn, their input is important. At a recent advisory board meeting, discussion centered on how to convince more students to choose FMFCU for their banking needs during high school and beyond. Faculty members and parents also should be attracted to the branch because of the convenience of being in the school.
Board members shared their thoughts on give-away items, such as book covers or pens that could be used as incentives to open an account. They also suggested establishing a “Celebration Account,” similar to a “Christmas Club” or “Holiday e-club,” to enable students to save for their prom, class ring or senior week expenses.
Springfield High senior Phillip Sabato, 17, president of the student FMFCU branch at his school, noted raffling prom tickets is a good incentive for students to open an account. He said it’s been “a great experience” working at his school’s branch, as well as other non-student-operated branches during the summer.
Interboro High sophomore Bethany Cheezum, 15, who works at her school’s FMFCU branch and at the MacDade branch, agreed. “ I like it because I meet lots of people,” she said. “And I’ve learned it’s never too early to start saving.”
Brittany Catona, 18, a Strath Haven High senior who works at other branches, is equally enthusiastic. “It gives me an opening to the business world,” she said.
Other Youth Advisory Board members are Luke Grossi, Strath Haven; Sarah Antolini and Davinder Singh, Upper Darby; Steve Aikens, Interboro; Dontaye Jones and Val Gibson, Penn Wood; and Joseph Winkler, Springfield.
FMFCU has been providing economical, personal financial services to residents and employee groups throughout the Delaware Valley (PA) since 1970. Since then, we have grown to include more than 49,000 members, over 900 employee groups (including Crozer-Keystone Health System, QVC, Harrah's Casino & Racetrack, Aqua America, County of Delaware, many School Districts and a host of other member and employee groups), 23 branch locations (including locations branches with 7-day banking), 32 ATM locations, a full-service Call Center and e-Branch.