In May 2015, Boulder Valley Credit Union and Premier Members Federal Credit Union joined forces and changed our name to Premier Members Credit Union which reflects our fantastic members in the many communities we serve beyond Boulder and Boulder County.
We are one. We are bigger and better. We now have an even stronger commitment to our long-time support of the BVSD schools and its teachers, administrators, staff, parents, students, and community members. We are dedicated and steadfast to helping students gain the hands-on skills they need to be financially successful as they graduate and advance to college, and throughout life, through their Coyote Student Credit Union.
Over the coming months, we are transitioning our name and operations from Boulder Valley Credit Union to Premier Members Credit Union. We have created synergy that reduces costs and increases efficiency, resulting in more branches, more financial strength, more products and services, better rates, higher dividends, lower fees, better technology services, and so much more…as well as continuing to provide the same great friendly and professional staff to help ensure that everyone can achieve their financial dreams.
Managing money is a crucial life lesson. There are two ways to learn personal money management skills: the easy way or the hard way.
The hard way: Over 70 percent of college freshmen surveyed claimed they were ill-prepared to handle their personal finances. Simply setting up a checking account at a bank may not provide young adults with the proper financial skills they need to manage their own money when they move away to college and even later in life.
The easy way: Fortunately, Coyote students have the unique opportunity to learn personal money management skills. Unlike most high schools across the United States, Monarch High School has the Coyote Student Credit Union to help all students pay lower fees and financing rates, and earn more on their savings as well as gain the financial skills they need to manage their personal finances through hands-on learning before they graduate from high school, so they are better prepared to be successful, financially-independent adults.
Tips for parents to help students learn how to successfully manage their personal finances:
Work with your student. Financial education doesn’t evolve from simply opening a bank account for your student(s). The most effective way is to have them open their own account at the student credit union with their parent on the account. Then, work with them each month to help them balance their account and reward them for handling the account responsibly. The credit union has online learning tools to help students learn how to manage their money and use credit responsibly.
Lead by example. Setting a good example is key. Be financially responsible so your students have a good example to follow. Pay your bills on time, balance your checkbook and credit card statements regularly, and don’t buy on impulse, and spend money you don’t have. Share your techniques on how you keep your household within budget.
Take a finance class. Taking a finance class is invaluable for student learning. In addition, discussing finances at home helps to reinforce the lessons learned in school and helps to solidify your values on the importance of saving regularly, establishing and maintaining good credit, and the basics of good money management skills. Include your student in discussions about major financial decisions such as a purchasing a new home, car, etc. and discuss the sacrifices the whole family may have to make if a hardship situation occurs.
Incorporate hands-on learning. While your student may already have an account at your bank, consider the new opportunity for them to open their own account at the Coyote Student Credit Union. It is conveniently located in the student center and is open during the lunch period on Mondays, Tuesdays, Thursdays, and Fridays.
Consider these credit union advantages and compare them with your current financial institution.
- Savings account: $5 minimum deposit to become a member
- Checking account: No minimum balance requirements or monthly fees
- Debit card: No monthly fee (free instant-issue, customized debit cards)
- Student VISA credit card: No annual fee
Convenient free service
- Over 30,000 CO-OP network ATMs located locally and nationwide
- Over 5,000 CO-OP shared branches located locally and nationwide
- 24/7 convenience. Online and mobile Banking
- Savings are federally insured up to $250,000 by NCUA
Note that the largest national banks do not have branches and ATMS in every state and city. The credit union CO-OP shared branches and ATMS are located in every state, major city, and on or near most every major college campus in the U.S.
Help the PTSO. Students, parents, and MHS staff members who join the credit union, or are already members, need to let us know that they are with MHS. We will code each of these accounts to MHS, and submit a check donation to the MHS PTSO based upon the total of all savings and loan balances. This donation can grow each year as more of the MHS community joins and uses our services.
When you take the time to help your student open their account at the student credit union and work with them on managing their personal finances before they graduate from high school, you will be setting them on the right course for financial success. They will reap the benefits throughout their lives and thank you for it. If you have any questions, please visit the student credit union website at www.bvcu.org/coyotes, contact Business/Finance FBLA (Future Business Leaders of America) teachers Rudy Sumpter and Sean McCoy, or Steve Carr at Premier Members Credit Union 303-657-7558 or firstname.lastname@example.org.
Welcome back to school and may this be a great year! Don’t put off financial literacy another day. Join today.