The Charter Oak Federal Credit Union opened at Robert E. Fitch High School on April 4 to commence its Focused on Finances program in conjunction with the school system. Named by Fitch High School students, the program will feature a strong emphasis on the importance of savings, and Charter Oak will offer two types of saving programs, according to Marketing Coordinator Lynn S. Flanagan of the Charter Oak Federal Credit Union.
“The Credit Union, Board of Directors, and entire staff are delighted to be part of this exciting collaborative venture,” CEO Brian A. Orenstein said in a recent press release. “The primary goal of the Focused On Finances program is to teach young adults the importance of good financial practices, through education, that will last throughout their lifetime.”
Flanagan said in the release that the credit union offers its ComplimenTREE checking account to students that features free checks, no minimum balance requirements, a VISA debit/ATM card, free online banking, and free e-Statement.
“In order for a student to open a checking account, they must have parental consent and complete a chapter on proper checking account practices in the National Endowment for Financial Education’s Financial Planning Program workbook,” Flanagan continued. Also available to Fitch High School students is Charter Oak’s VISA Credit Card, she said.
“The credit card is offered to older students to teach them the importance of establishing good credit. Our goal is to improve the financial literacy of our youth,” Orenstein noted.
Flanagan said the credit card features a low interest rate, a low credit limit, and requires students to complete educational requirements before applying for the card.
Charter Oak Federal Credit Union is a cooperative financial institution owned by its members. Membership is open to persons who live, work, worship, attend school, volunteer in New London County and Windham County. Membership also extends to immediate family or household members.