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Written by:
September 27, 2018
Category: Saving

Benefits of Youth Saving Accounts

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According to a study at the University of Michigan Center for Human Growth and Development, children as young as five have already begun developing emotional reactions to spending and saving money. The study also found children’s emotional reactions translated into real-life spending behavior, and early spending behavior might indicate poor financial decisions later. All of this highlights the importance of early education to get kids on the right financial track.

So where can kids learn about the merits of saving and setting goals and the relationship between work and earning money? In most schools, personal finance isn’t part of the curriculum, which means it’s up to parents and guardians to impart these important lessons.

Fortunately, local credit unions have helpful youth saving programs that can help teach kids as young as pre-school age about money. Many youth programs come with fun perks like a gift for opening an account, prizes for making deposits or reaching saving goals, and the ability to have allowance direct deposited into their account. In addition to these benefits, here’s what else opening a youth saving (or checking) account can do for kids:

Teach about goals. Setting, working toward, and achieving goals is a crucial life skill and one that serves us throughout life. Through goal setting, kids learn about hard work and delayed gratification. Saving money for the goal of being able to afford something like a new toy is a very tangible, concrete way to work on these skills and lessons.

Begin teaching financial basics. Saving for a financial goal also instructs kids about the basics of income, expenses, and value. If a child begins saving for something but quickly sees how much work and time it will take to earn and save enough money to purchase the item, they might rethink their goal, teaching them to think critically about what to spend money on and if it’s worth the price (i.e. a wise purchase). This is an important lesson in an age when many kids more often observe adults using credit cards to obtain goods and services and don’t see an obvious exchange of money for those goods and services.

Teach responsibility. A saving account that directly reflects a child’s contributions and savings as well as withdrawals will help teach responsibility for actions and the correlation between decisions and consequences. If they don’t regularly contribute to their saving account and resist spending, they will never reach their saving goal! This is also a chance for children to feel pride, accomplishment, and empowerment when they reach their saving goal—and associating those positive feelings with saving will help reinforce this habit.

Teach the value of investing. Investing and interest can be difficult concepts to teach—so why not show it at work on a saving account! With a youth saving account and online access to account balances, kids can see how they earn interest by having money in different kinds of saving accounts—the more money they have saved, the more interest they earn. Having a saving account also shows how saving early and regularly grows money and how even small amounts can add up—both when saving and spending.

Teach compassion and perspective. Using a saving (or checking) account to save money, watch it grow, and use it to buy things shows kids how financial resources are tied to what people have and don’t have, what they can afford and what they can’t. Kids can begin to understand that the things they and their family own are the result of planning, choices, and work. Not only can this lead to more thoughtful decisions regarding their own spending choices, but it can also lead to a more compassionate view of others when they understand why someone can’t simply buy what they want or need whenever they want. 

Written by:Credit Union ONE
September 13, 2018
Category: News

Forbes Names Credit Union ONE a "Best-In-State" Credit Union

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FERNDALE, MI – In its 2018 list of “The Best Banks And Credit Unions In Every State,” Forbes has identified Credit Union ONE as one of the top five credit unions in Michigan.

The Forbes “Best-In-State” ranking places Credit Union ONE among the top 2.4% of financial institutions nationwide based entirely on an independent consumer survey. Nationally, fewer than 270 financial institutions (124 banks and 145 credit unions) made the Forbes’ lists. To do so, they needed to score highest in consumer recommendations and satisfaction, plus five additional criteria: trust; terms and conditions; branch services; digital services; and financial advice.

“Credit Union ONE is honored to be named a Forbes 2018 ‘Best-In-State’ credit union,” says Credit Union ONE Board Chairman Paul W. Stuart. “Our team strives to exceed expectations when it comes to the member experience, and they work every day to connect members with products and services that fit their lives and help them reach their financial goals. It’s wonderful to have our member experience recognized as one of the best not only in Michigan but also in the nation. Our members trust us to meet their specific needs, and that relationship is first and foremost in everything we do.”

The Forbes’ survey, which it completed in partnership with market research firm Statista, evaluated a number of factors related to the member/customer experience. Overall on these measures, credit unions scored higher than banks with average scores of 80 versus 75.2. Statista CEO Friedrich Schwandt attributes this to credit union members’ pride of ownership. He says, “Customers prefer credit unions because they themselves are the shareholders. This is somewhat in keeping with the motto ‘Small is beautiful.’”

 

Picture Caption:
Credit Union ONE Board Chairman and owner of Ferndale’s Luxury Lanes, Paul W. Stuart (left), hands the Forbes “Best-In-State” Credit Union trophy to President and CEO, Gary Moody (right).

 
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About Credit Union ONE
 
Credit Union ONE is headquartered in Ferndale, Michigan.  Organized in 1938 by five people with $51, the credit union now has approximately $1.2 billion in assets and provides its 125,0000 members with consumer banking services such as mortgages, credit cards, auto financing, and deposit products via digital platforms and 20 branches located in Southeast Michigan, Grand Rapids, and Traverse City.  Through its affiliation with Hantz Financial Services, members have access to a comprehensive range of investment, insurance, estate/tax planning, and advisory services.  Credit Union ONE also participates in the CO-OP Network providing members access to nearly 30,000 surcharge-fee ATMs and over 5,600 branches across the Unites States.
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If you're a media member, this information provides a summary of CUONE's origins and operations. If you have additional questions, please contact Donna Reid at Donna_Reid@cuone.org or 248-584-5088.

What fees are associated with my Credit Union ONE account?

Access a full list of our account fees.

What are your hours? 

Please visit our Locations & ATMs page.

How do I become a member? 

You can become a member if you live, work, worship, or attend school in the state of Michigan. You can apply for membership online by following the "Join" link a the top of this page.  You can also visit a branch location to apply.

Where are your branches located? 

Please visit our Locations & ATMs page.

How do I navigate through Online Banking? 

Enroll in Online Banking by clicking Log In and then Register Now, following the prompts. Once in Online Banking, click on the gray tabs and select requested items from the menus. For account history, click on the account name from the Account Summary page. If locked out of Online Banking wait 10 minutes for system to be reset (only once per day) or contact Credit Union ONE at 800-451-4292.

How do I become a member of Credit Union ONE?

 If you live, work, worship, or attend school in the State of Michigan, you are eligible for membership. You can apply online or by visiting one of our convenient branch locations.

How do I find a branch location near me? 

Please visit our Locations & ATMs page.

What are you membership requirements?

You're eligible if you work, live, attend school or worship in Michigan. If you have out-of-state ID, we will need proof you meet the requirements. For example, a paystub showing your employer is based in Michigan, a rental agreement or closing documents with your Michigan address or a school ID will suffice.

How do I find a shared branching center? 

Please visit our Locations & ATMs page.

How do I find a shared branching center? 

Our Locations & ATMs page provides a full list. Shared branching allows Credit Union ONE members to use other non-Credit Union ONE credit unions to perform certain transactions. Credit Union ONE is required to perform the following transactions for guest credit union members:

• Account Inquiries
• Withdrawals
• Deposits
• Transfers
• Loan Payments
• Loan Advances
• Statement Prints

Any additional services offered are that discretion of Credit Union ONE. 

What transactions can I perform at a shared branching center? 

Our Locations & ATMs page provides a full list. Shared branching allows Credit Union ONE members to use other non-Credit Union ONE credit unions to perform certain transactions. Credit Union ONE is required to perform the following transactions for guest credit union members:
  • Account Inquiries
  • Withdrawals
  • Deposits
  • Transfers
  • Loan Payments
  • Loan Advances
  • Statement Prints
Any additional services offered are that discretion of Credit Union ONE. 

What is your routing number?

Our routing number is 272479841. Sign up for direct deposit by providing this number and your 10-digit account number to your employer. If the information is needed in writing, we are able to provide a direct deposit letter.

How do I change my address? 

In Online Banking, click on the Profile tab, and then Update Profile.  You can also visit a branch or call the Member Contact Center at 800-451-4292

How do I set up direct deposit? 

Our routing number is 272479841. Sign up for direct deposit by providing this number and your 10-digit account number to your employer. If the information is needed in writing, we are able to provide a direct deposit letter.

I have moved and need to change my address?

In Online Banking, click on the Profile tab, and then Update Profile.  You can also visit a branch or call the Member Contact Center at 800-451-4292

Where can I find Credit Union ONE ATMs? 

Access the "Locations" link at the top of the page. You'll be able to search ATMs by street address or zip code.

How do I close my Credit Union ONE account? 
 

To close a Credit Union ONE account, members can visit any Credit Union ONE branch or call us at 800-451-4292 and a check will be mailed to the address on the account for any remaining balance payable to the member.

Where do I go to find account info?

You can access your account through Online Banking, Mobile Banking, or Telephone Banking. Also, account information is available by calling 800-451-4292 or visiting a branch.

My family member has passed away. How do I close the
account with Credit Union ONE? 

The procedure to close a deceased member's accounts vary depending on if there were joint owners, a beneficiary, if it was a trust, etc. Contact Credit Union ONE at 800-451-4292 or visit any Credit Union ONE branch for assistance.

What do I need to close my deceased parents account?

The procedure to close a deceased member's accounts vary depending on if there were joint owners, a beneficiary, if it was a trust, etc. Contact Credit Union ONE at 800-451-4292 or visit any Credit Union ONE branch for assistance.

My friend has passed away and left me in charge of his affairs. How can I close his accounts?

The procedure to close a deceased member's accounts vary depending on if there were joint owners, a beneficiary, if it was a trust, etc. Contact Credit Union ONE at 800-451-4292 or visit any Credit Union ONE branch for assistance.

Do you offer medallion or signature guarantee?
 

Yes, but please confirm by calling 800-451-4292 to find out if the location you wish to go to has one available and what documents you need to bring. All parties who need the signature guarantee must be current members.