OSWEGO, N.Y. -- To reward children who receive good grades on their report cards, Oswego County Federal County Credit Union will deposit money into their newly revamped kids account.
The $20 million credit union has converted its "Scotty Savers" club to the "Scholar Dollars" children's savings program, said William Carhart, CEO.
"Our new Scholar Dollars program will reward students' good grades by making contributions to their account," Carhart said. "We will contribute $1.50 for each grade earned above 90%. Participating students will be required to bring their report card into the credit union each semester to earn their Scholar Dollars."
The funds would be deposited in a separate share account that the children would not have access to until they graduate from high school.
"In a time when higher education costs are skyrocketing, we are here to help ease the burden by investing in our youth members' education, Carhart said.
The credit union will buy back "Scotty Bucks" from members that have been participating in the Scotty Savers program and deposit them in the Scholar Dollar account. It will offer $1 for every $10 of Scotty Bucks, Carhart said. Scholar Dollars membership is open to all OCFCU member-affiliated children under age 18.