PARAMUS, N.J. – Greater Alliance FCU opened Bergen County’s first student-run credit union branch at Paramus High School last week.
Students may open up a savings account of up to $2,000 with a higher than normal interest rate, as well as take out small personal, school or car loans. While the credit union will be run by students once per week, an advisor will be on hand at all times to take care of the actual monetary exchanges.
The credit union said the educational aspect of the program will be enhanced by monthly classroom lessons on topics ranging from how credit scores are established to how to properly create and adhere to a budget, as well as field any questions students might pose.
There will also be trivia contests with the winner receiving a small gift card, and an extra dollar will be added to a student’s account when he or she receives an A in class.
