Langley Federal Credit Union Earns Financial Education Award for Money Management, Savings Programs

NEWPORT NEWS, VA (12/22/2011)(readMedia)-- Langley Federal Credit Union has won 2nd Place in the state Desjardins Financial Education Awards for credit unions. The Desjardins Awards, sponsored by the Virginia Credit Union League and the Credit Union National Association, honor credit unions for their commitment to teaching personal finance basics in their communities.

The credit union's award-winning entry spotlighted a host of programs, including educational workshops on homebuying, identity theft and budgeting that reached 1,608 adults. The credit union also offered a seminar for parents and college-bound students that covered everything from financing to the application process.

LFCU was also recognized for innovative programs like Langley Saves, part of the national America Saves campaign, a social marketing campaign designed to change current habits of going into debt and the social norm of "keeping up with the Joneses" to that of Build Wealth, Not Debt.

The Langley Saves account also rewards those with lower balances who are having a difficult time saving by paying 5 percent APR on balances up to $500 and 3 percent APR on balances from $500.01 to $2,500, and 0.5% APR on balances $2,500.01 or more.

In addition, the credit union's Financial Learning In Progress (FLIP) Program provides 18- to 25-year-olds with the products, services, and knowledge necessary to make wise financial decisions and put them on a path to financial success. Benefits include: Starter Platinum Visa card, free checks, a line of credit, overdraft protection, FLIP Debit Card, and financial and investment counseling.

"Teaching people to use money responsibly and learn how to budget and save has long been part of Langley Federal's mission," says Langley Federal Credit Union President/CEO Jean Yokum. "It's more important than ever that individuals have the knowledge they'll need to navigate an increasingly complex financial services landscape."

Langley Federal Credit Union has been in business for 75 years. The credit union serves more than 179,000 members and has over $1.5 billion in assets, ranking the financial institution as one of the top 100 largest credit unions in the nation. Learn more online at www.langleyfcu.org.

The award is named in honor of Alphonse Desjardins, the founder of the North American credit union movement, who established the first "caisse populaire" (people's bank) in Quebec in 1900, and helped establish the first American credit union in New Hampshire in 1909. Desjardins was an ardent believer in the value of teaching children to save, and he promoted the idea of in-school savings programs (caisses scolaires).