MONTBELLO, Calif. — Understanding that students have vastly different financial habits than their parents, Camino Federal Credit Union has launched a new checking account to set young people out on the right path.
The $86 million credit union has rolled out its Right Start checking account. The account is available to members in "good standing" who are full-time students at age 16. The account comes with free online and phone banking, free bill pay, and a line of credit up to $100 for overdraft protection. At age 17, those same members are pre-approved for a Visa credit card with a credit limit of at least $500.
Robert Chaffino, president/CEO of Camino FCU, said the credit union wants students to have the tools, guidance and experience they need to be financially savvy.
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"This generation shops, gets information and keeps up with friends online. They prefer immediate online access services," Chaffino said. "Because we've served the financial needs of their teachers and parents, we're a familiar and trusted name, putting us in a unique position to help students develop good money management habits."
Camino FCU serves 12,600 members.
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