By: Lena

Lena @ 11:56 am

Michigan First Continues to Promote Financial Literacy with Opening of Four New Student Branches in Metro Detroit
Leading credit Union continuing its commitment to the youth and the community

Michigan First Credit Union (www.michiganfirst.com) is proud to announce the grand opening of its newest student branches in Glenn Schoenhals Elementary School in Southfield, Michigan and a second branch at University Preparatory Academy-Murray Campus in Detroit.The two branches are the first of four branches scheduled to open through Michigan First’s school
branch program, MichiganFirst@School, by early November, adding to the roster of 13 existing student branches.

Other school branches scheduled to open include Eisenhower Elementary in Southfield on Monday,Nov. 3 and in South Lake High School in St. Clair Shores, Mich. on Thursday, Nov. 6. “At Michigan First we believe that we have a responsibility to help the community in the battle against financial illiteracy that impacts people of all ages,” said Michael Poulos, president and CEO of Michigan First Credit Union. “Helping children learn about personal finances at a young age is the key to
developing financially responsible adults.”

Through MichiganFirst@School, students at the elementary or middle school level are able to run the branches through various positions including branch managers, assistant managers, tellers, computer operations, bookkeepers and greeters. Those working in the credit unions wear Michigan First logo shirts provided by the credit union. Michigan First staff is on-hand to monitor transactions. Students are allowed to only make deposits in savings accounts in an effort to encourage saving money.
At the high school level, students become actual employees of Michigan First and are paid hourly for their work in the credit union. The high school branches are open to students, teachers and other staff members. Currently Michigan First has high school branches located within Southfield High School and Southfield Lathrup High School.

At the end of each school year, students who worked in the branches are honored by Michigan First with a pancake breakfast and awards ceremony to recognize the students’ accomplishments and to congratulate them on the money they deposited into their savings accounts during the school year. Schools who opened the most accounts and who deposited the most money receive special recognition. Additionally, Michigan First Credit Union began piloting a program at Southfield University High School
Academy this fall to implement its wealth of financial knowledge directly into the classroom. Through a partnership with The National Endowment for Financial Educations (NEFE), Michigan First will be teaching monthly classes at Southfield University High School Academy to enable students to:

Design a personal saving and investing plan
Create a strategy for handling credit and managing their debt
Use various financial services
Create a personal insurance plan
evelop and stick to a budget

This community-based outreach is also being addressed within the state government: A bill was recently passed by the Michigan House and Senate—which has now been put before Governor Granholm to review before 2009—which would allow high school students the option to exchange traditional math for a financial literacy class to meet graduation requirements.

Michigan First began establishing the student-run branches in 2001 as part of its ongoing effort to increase financial literacy among children and teens. In addition to student-run branches, Michigan First also advocates financial literacy through its MoneyKids (ages 0-12) and MoneyTeen (ages 13-17) programs that are designed to encourage children and teens to save money and instill financial responsibility that grows with them.

As members of student-run branches, students are automatically enrolled as members to continue banking into adulthood at any Michigan First location. Research has shown that students who have bank accounts early on have significantly greater financial understanding as they reach adulthood, according to a study from the University of Buffalo School of Management on 12th graders’ aptitude and knowledge of personal financial basics.

For a full list of participating schools or to learn more about Michigan First student branches, please visit
www.michiganfirst.com

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By: Lauren

Lauren @ 1:27 pm

Below, please find the winners for the June E-Statement giveaway contest. Check back soon for more winners.

Grand Prize – 32″ LCD TV
Karen Bates

2nd Prize – $100 Best Buy Gift Card
Aaron Johnson

$50 Gas Card Winners

Dennis Gordon

Stephanie Webb

Edith C. Buckley

James A. Knox Jr.

Priscilla Clyburn

R’Kla Taylor

Rita J. Taylor

Vanessa L. Nelson

Liny Patricia Crawford

Larry D. Hudson

Latonya Hewitt

Kaduma Robeson Karanji

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By: Lena

Lena @ 9:16 am

Michigan First Credit Union Receives Generation Next Award for Youth-Focused Financial Initiatives

Michigan First Credit Union has been awarded the 2007 Generation Next Award, in recognition of its “overall achievement in outstanding contributions to the credit union youth movement” and for “effectively bridging the gap for the next generation of credit union members.”

The Generation Next Award is presented annually by the Michigan Credit Union League (MCUL). This year’s award was presented by Mike Bridges, MCUL director of public affairs, at the recent MCUL Metro West Chapter luncheon.

Michigan First has a long history of commitment and involvement with youth activities and programs. Its student-run branch program has grown to 10 elementary and middle schools, and there are plans to add 10 more school locations in 2008. Michigan First also has a branch in Southfield-Lathrup High School that employs the students. Through its MoneyKids (ages 0-12) and MoneyTeen (ages 13-17) programs, Michigan First encourages children and teens to save money and teaches financial responsibility that grows with them.

In addition, Michigan First also provides scholarship programs for local high school seniors and sponsors many community initiatives and groups, including the Good Schools Essay Contest presented by the Skillman Foundation and the Good Schools Resource Center at Marygrove College, Detroit Metro Youth Day, Southfield Lathrup Junior Optimist Club and Career Day program, Detroit Public School Chess program, Detroit Executive Service Corps and a number of other initiatives.

Criteria for the Generation Next Award includes progressive efforts through areas such as classroom involvement, legislative efforts regarding financial literacy, student-run credit unions, and youth account services and/or staffing.

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