MADISON, Wis. – CUNA Credit Union and Summit Credit Union have teamed up with the Boys & Girls Club of Dane County to launch the first credit union chartered to exclusively serve kids and teens. Slated to open in late April in an underserved area here which is peppered with check cashers and payday loan operations, STAR (Save to Achieve Results) Credit Union will only serve Boys & Girls Club members and offer incentives to encourage savings such as higher annual interest rates for accounts. The two credit unions will share the $40,000 it will cost to run the youth credit union. One staffer will be hired to not only run STAR CU after school but also teach financial literacy. Young members will also have an opportunity to develop useful skills through a hands-on experience of working in the credit union.
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