BRISTOL, Penn.-To convince more young adults to join the credit union, Bucks First FCU is letting young adults do the talking.
Its "Project Flipside" youth program leans on the persuasive power of three youth, aged 16 to 25, who visit local community events, high schools and colleges, to talk about money management and the advantages of the being a CU member. "We use youth to spread the word because teenagers and college students don't want to hear from adults," said Hilary Reed, marketing VP. "We conducted a lot of research on youth programs about what worked and what did not, and the one big thing that stood out is that the education has to come from peers."
Project Flipside has been successful in its first six months, opening 65 new Flipside checking accounts for more than $12,000 in deposits. But the goal, Reed said, is increased community awareness. "We want youth to think of us, and remember us, so when they go away to college or start careers, Bucks First comes first."
Reed said Project Flipside has also forged partnerships with a number of non-profit organizations, high schools, and colleges. "We have opened our first branch at a local high school and we are working on three more," Reed shared.
Reed emphasized nothing is scripted, including what they say on the blog at www.projectflipside.com. "We let them talk about whatever they want, because that is what is interesting to young adults. So it won't always be about financial education. Sometimes blog posts are just funny videos."
When the crew meets face-to-face with peers and the conversation turns to money, they tend to talk about the basics of financial management, Reed said. "It's not a hard sell. They ask young people things like whether they have a checking account or know what one is."
Project Flipside offers a free non-interest-bearing checking account, and the standard member savings account ($24,000 in total deposits at .25%). The no-minimum-balance checking account has a debit card that returns discounts at selected local retailers geared toward youth-like a skateboard shop.
Flipside account holders who encounter NSF or ATM fees can have them rebated if they attend a Flip Your Fees class, a financial education program held once a month. "We'll hold the class whenever someone signs up for it," Reed said. "You sit through the class and then you get your fees returned. The education is about budgeting and managing your checkbook, mainly, so you don't have to come back a second time. And no one has."
Project Flipside costs the $88-million BFCU about $18,000 a year, which covers the Crew's stipend-Reed would not disclose the amount-two video cameras and threee cell phones. The crew also gets the use of a MacBook for a year and can drive the colorful Flipside Scion xB whenever they want. The car was donated for three years by a local dealership.
The Flipside Crew also has a video posted on YouTube that espouses the benefits of credit unions over banks.
