In an effort to provide teens with the financial education tools they need and deserve, NEFCU has created a unique program for 15- to 18-year-olds called RightTrack.
NEFCU's Shirley Polworth said the program is comprised of four 90-minute educational, sessions on checking accounts, credit and debit cards, electronic banking, and general financial planning.
"If a teen attends all four classes, we give them a $200 credit card their parents don't have to sign on, a checking account with $25.00 in it, free checks and a debit card," Polworth said. "We have 75 of these $200 credit cards out there right now, and the results have been more than encouraging."
Only a few kids have gone "Visa over limit" and by only a few cents, she reported, adding that just one teen was delinquent in payments, and just one time. "Another has turned 18 and received a car loan at a great rate, because he had a credit history from the Visa we had given him a year and a half before," Polworth related, noting two other teens have turned 18 and have been issued Visa cards with a rate that is 2% lower because of their credit history.
"We are planning on having events where we will invite the teens back and have financial educational seminars for them. Our instructors are all highly experienced loan officers and are Branch or Department Managers with many years at NEFCU," she said. "They are very enthusiastic and have come up with constant new ideas, such as movie night themes, great food ideas, and financial games. We limit the classes to 15 participants. They're always full and we given them four times per year."
