Supporting the youngest credit union members
The credit union difference can be a lifelong partnership, as Farmway Credit Union in Beloit, Kansas shows. Highlighted in a recent America’s Credit Unions Blog entry, Farmway provides piggy banks to each newborn at the local hospital, works to build good financial habits in youth, and more.
When parents bring the filled piggy bank in to open a savings account, Farmway matches the contents up to $10, the first in what will likely be a long series of interactions with the credit union.
"The problem I think a lot of credit unions face is their aging demographic, and so we want to capture the youth and get them in the door," said Farmway Compliance/Loan Officer Sherri Smith.
Students in kindergarten through 12th grade can participate in a cash-for-grades program that requires students to bring their report card into a physical branch to claim their prize. In the 2024-25 school year, 255 students participated, with Farmway distributing $8,580 and opening 28 new accounts as a direct result.
The blog also covers Farmway’s efforts to build an employee culture, and how it serves members in rural areas with declining populations.