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: Lena

Lena @ 8:52 am

Michigan First Credit Union honored students from 11 elementary and middle schools, celebrating their achievements in successfully running a Michigan First Credit Union student branch within their schools. Students who work in the credit unions were honored with a pancake breakfast and awards ceremony on May 29 at Michigan First’s main branch in Lathrup Village.

Special recognition was granted to the schools that had the most money deposited into savings accounts through the program and the school that opened the most new accounts.

This year, MacArthur K-8 University Academy took home the prize for the most new accounts opened, a total of 110 opened this year alone. MacArthur K-8 University Academy  also received the award for having the most in deposit dollars, collecting more than $22,000.00 in student deposits.

The schools participating in the student-run Michigan First branches include: University Prep in Detroit; and from Southfield, Mich. – Leonhard Elementary, McIntyre Elementary, Brace Ledere School, Stevenson Elementary, Adler Elementary, Birney Middle School, Laurus Academy, MacArthur K-8 University Academy, Levey Middle School and Crescent Academy.

Michigan First established the student-run branches in 2001 as part of its ongoing effort to increase financial literacy among children and teens. Students at the elementary and middle school student-run credit union branch are able to run the branches through various positions including branch managers, assistant managers, tellers, computer operators, bookkeepers and greeters. The students wear Michigan First logo shirts provided by the credit union. Michigan First staff is on-hand to monitor transactions as students make deposits. Students are allowed to only make deposits in savings accounts in an effort to encourage saving money.

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.

Michigan First plans on opening an additional 10 student branches by the end of 2008.

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By: Steve

Steve @ 4:20 pm

On February 26, Michigan First celebrated the grand opening of its newest branch in Southfield High School with a ribbon-cutting ceremony in front of the new facility.  The branch is located inside the high school.  It is a fully functional branch that can serve students, staff and parents. Two student tellers work at the branch, are trained by Michigan First staff, and are considered employees of the Credit Union.  This is the second Michigan First branch inside a Southfield Public School High School.  Michigan First has a similar branch in Southfield-Lathrup.

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