FoolProof, the credit union-linked financial literacy and advocacy firm, said Thursday it is has stepped up its reach with large credit unions by adding four custom subscribers, each paying a $65,000 to $95,000 fee for FoolProof's premium products and services.
The Melbourne Beach, Fla., firm says its turnkey contract with credit unions and its marketing presence helps account for a run up of literacy promotion in schools, colleges, military bases and among senior citizens groups.
The four credit unions joining FoolProof are the $1.6 billion Summit CU, Madison, Wis.; $2 billion Logix FCU, Burbank, Calif.; the $1.8 billion Mission FCU, San Diego, and the $750 million Pacific Marine CU, Oceanside, Calif.
FoolProof founder/CEO Will DeHoo said the firm’s 12 "highly custom" credit unions as well as smaller ones “are often the only financial institutions offering true consumer advocacy in each service area.”
Kim Sponem, president/CEO of Summit CU, said the partnership has allowed her credit union to elevate its financial education offerings.
“In Madison we continue to set ourselves apart as the ‘go to’ resource for financial knowledge among students and seniors,” Sponem said.
Neville Billimoria, senior vice president at Mission FCU, said the program has proved helpful in encouraging the public to ask how to learn more about finances.
“We can now respond to these requests with timely, relevant and accessible online information,” said Billimoria.
The $1 billion Educators CU of Racine, Wis., one of the early users of the program, said it has produced bottom-line benefits in helping adult members become wiser spenders. “We’re finding dramatic improvement in how we connect with adults, and with hundreds of teachers and with thousands of high school students,” said its president, Eugene Szymczak.
FoolProof is sponsored by 15 state leagues and associations and provides its programs free to credit unions under $10 million.