MADISON, Wis. — When it comes to providing in-school branches Michigan is tops.
According to CUNA year-end data, at least 555 schools across the nation operate in-school credit union branches. Some 169 credit unions in 30 states and the District of Columbia operate in-school branches for all age levels.
States that stand out include Michigan with 48 credit unions in 259 schools; Virginia with 11 CUs in 54 schools; Wisconsin with 18 CUs in 42 schools; Texas with 13 CUs in 25 schools; New York with four CUs in 21 schools; and Massachusetts with six CUs in 20 schools.
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CUNA Director of Youth and Young Adult Programs Phil Heckman added that the totals are likely understated since the data is self-reported.
"To build a more accurate picture of credit unions' extraordinary efforts to help youth build a savings habit, I encourage each credit union that should be listed in our directory to use our online form to report its involvement and keep its record up to date," Heckman said.
All reported in-school branches are student-run to some degree. Most offer basic savings accounts, limited withdrawals, and require a visit to a full-service office for other services, according to Heckman.
Many credit unions tie their branches to personal finance instruction in the classroom and use teller positions to recruit students for internships. Some have even hired student tellers after graduation.
Heckman said the CUNA directory serves as a resource for credit unions that want to open an in-school branch.
"It also helps document the degree to which credit unions put other financial institutions to shame when it comes to engaging youth in learning to set financial goals and take control of their financial futures," Heckman said.
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