ALBANY, NY (08/16/2010)(readMedia)-- Teachers Federal Credit Union has been honored with a 2010 Desjardins Youth Financial Education Award. The award, presented by the Credit Union Association of New York, recognizes leadership within the credit union movement on behalf of youth financial literacy. Teacher's won the first place award in the over $250 million asset category.

To date, more than 25 Long Island schools have benefited from Teachers FCU's commitment to the National Endowment for Financial Education (NEFE) high school program. In class, students practice writing checks and balance virtual checkbooks on smart boards as part of the Basics of Banking module. "The smart boards are so interactive," said Rosemary Nicholls, Teachers' senior vice president, research & development/marketing. "They really make learning fun." Another presentation teaches teens how to use credit cards wisely.

The learning comes with perks. Teachers often promote class participation by offering free homework passes to students who answer questions correctly. Teens in the Basics of Banking presentation receive a $5 voucher to open a new account at the credit union (or to deposit into their account if they already have one).

Teachers FCU also sponsored several one-day financial education seminars for educators at no charge. For their efforts, the teachers receive six hours of continuing education credits.

Teacher's winning entry will advance to the national competition, where it will compete with youth education projects from credit unions across the country.

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).

The New York Credit Union Foundation serves credit unions, schools and community organizations that help improve the financial literacy and independence of New Yorkers and promote the credit union difference. For more information about the Foundation, visit www.nycuf.org.

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Posted Monday August 16, 2010 at 04:40 pm by Credit Union Association of New York
Last Updated Wednesday August 25, 2010 at 09:13 am