St. Paul FCU Announces Opening of Student-Run Branch
Three students are being given the opportunity to run an in-school branch at Como Park High School in St. Paul, Minn.
The $112 million St. Paul FCU, the owner of the new branch, said it hopes that the new location will help students gain a better understanding of finance.
“The credit union believes in teaching youth financial literacy and we had some key people in the school to make sure that this student branch really flies,” said St. Paul FCU Vice President of Lending and Member Services Mitch Myre.
The program will be a part of the high school’s business program and three students at Como Park High School will work in rotating shifts as tellers at the in-school credit union, St. Paul FCU said.
The students – seniors Dylan Schmidt and Kyle Kottke and junior Tim Smith – have trained at St. Paul FCU’s main branch as summer interns and they will perform the same duties as any full-time teller in their new roles, the credit union added.
“Not everyone thinks about saving for college or saving for other things,” high school intern Smith said. “The student branch adds an opportunity to talk about money with other students. We can help explain money [management] to them in a way they can understand.”
The three students will be managed by a St. Paul FCU supervisor and Trevor Malone, the credit union’s school and branch education coordinator, who will oversee operations of the in-school branch.
St. Paul FCU said its new branch will offer nearly all of the same services as its other branches, including check cashing, deposits, loan applications and financial assistance.
Additionally, the credit union said its staff will be participating in school discussions about the importance of credit and saving, interviewing skills and resume building.
The inauguration of the in-school branch marks the second such opening in Minnesota, following Hometown Credit Union’s in-student branch, which was opened last school year in Owatonna, Minn.
“If we are successful here [with St. Paul FCU’s student branch], this could be the catalyst to starting student credit unions in other Minnesota schools,” high school intern Schmidt said.