Capital District Parent Pages

Community Resource Federal Credit Union (CRFCU) calls itself “the friendly place to bank,” and I can’t argue with that. Every time I call them, I hear the kind of voice that has a smile in it. Every time I visit, the staff is gracious and helpful. I decided to write about them after I found out how much they offer kids and teens – to teach and reward financial responsibility from tots to young adulthood. To top it off, they’re philanthropists, giving back to the community regularly and wholeheartly.

I asked Wendy Meola, CRFCU’s marketing director, what’s available for parents to teach their kids wise spending and saving habits.

“We have three programs designed for youth, teens and young adults,” she told me. “Scottie Savers is a club for members under 13. It encourages them to save money by giving them prizes for deposits.” A poster contest is held among Scottie members, with prizes like movie passes or a Scottie stuffed dog.

CRFCU offers a CD into which parents can deposit money for their kids. MoneyRules Jr., a program for those aged 13-17, allows teens to use a checking account, debit card and apply for a small loan and credit card – all with their parent(s) as joint/co-signers. Online, teens can access banking, as well as educational tools like Googolplex.

“The idea is to expose them to these financial products before they leave for college or go out on their own,” said Meola.

MoneyRules is for young adults aged 18-25, providing a checking account (with more free ATM withdrawals than regular Essential Checking), a first-time car loan, credit card options, private student loans and online tools.

Anyone who lives, works, worships or attends school in Albany County can become a member of CRFCU, a federally chartered credit union. And anyone who has a relative who lives, works, worships or attends school in Albany County can join as well, even if the relative is not a member.