May 4th, 2015- 1st Financial Federal Credit Union announces partnership with the City of St. Louis Treasury Office to create accounts for their College Kids Savings Account Program while promoting the service during GiveSTL Day on May 5th, a 24-hour giving event focused on making a St. Louis impact by funding local non-profit organizations.
The City of St. Louis Treasurer’s Office has developed an innovative program to promote college savings and financial literacy for the city’s youth through the “College Kids” Children’s Savings Account Program.
College Kids’ purpose is to provide all kindergarteners enrolling in St. Louis Public Schools and St. Louis City charter schools with a savings account for postsecondary education, which will help make postsecondary education an option for everyone in St. Louis. A $50 deposit funded by the Treasurer’s Office for each student will get the program started. College Kids will launch in the fall for the 2015-2016 school year with approximately 3,500 incoming kindergartners receiving accounts.
To get the College Kids program additional resources and funding, the City of St. Louis is working with the 1:1 Fund for GiveSTL Day on May 5th. Since launching in 2012, the 1:1 Fund has helped local child savings programs raise over $845K in matching funds, attracting 500+ donors and 24,000+ web visitors.
Through digital and offline fundraising efforts with the 1:1 Fund, College Kids will raise critical matching incentives to get families emotionally invested in this wonderful program. These incentives include:
- Weekly Perfect Attendance: Students can earn $1/week during the school year for attending school and arriving on time for each day of school in session that week.
- Smart Saver: Deposits of at least $10 monthly will receive a $10 monthly match. The maximum for this incentive will be $100.
- Financial Education: Parents and guardians are able to earn an additional $50 in contributions by completing financial education courses in-person, online through Wells Fargo Hands on Banking® and through the College Kids smartphone app.
1st Financial Federal Credit Union was chosen by the City of St. Louis Treasurer’s Office to open accounts and provide ongoing banking engagement for the program. 1st Financial will promote this partnership in branches and on social media during GiveSTL Day.
“We are determined to do whatever we can to help the children of St. Louis have access to post-secondary education,” said Tishaura Jones, Treasurer of the City of St. Louis. “This is available to any family, no matter their socio-economic background. “We created this college savings program because it is the government’s responsibility to invest in its citizens, and that includes our children. Children want an opportunity to have a future and we are determined to help give them a future.”
She continued, saying “1st Financial has been a wonderful partner in our financial empowerment initiatives since shortly after I started in 2013. The ability to house the accounts at a credit union allows children and families to deposit additional funds at any branch that participates in the shared branch network, giving us a strong regional footprint. Additionally, the staff at 1st Financial stand ready to volunteer with us to make sure the program reaches as many as possible.”
Pictured: Tishaura Jones, Treasurer of the City of St. Louis
For more information on the College Kids Savings Program, please visit www.stlofe.org/collegekids
For more information on GiveSTL Day, please visit https://givestlday.org/#home
For more information about 1st Financial Federal Credit Union and the credit union difference, please visit www.1stfinancialfcu.org
About 1st Financial Federal Credit Union
Like all credit unions, 1st Financial is a member-owned, financial cooperative. 1st Financial Federal Credit Union was chartered on September 3, 1968 as District 837 Credit Union by the International Association of Machinist members employed by McDonnell Douglas. Today, with over 30,000 members and nearly $200 million in assets, 1st Financial is a St. Louis metro area financial institution dedicated to helping members achieve their financial dreams. For over 45 years 1st Financial has provided members with a full line of dependable financial products and services which returns profits to the members in the form of lower rates on loans and higher savings yields. The cooperative nature of credit unions enables 1st Financial to provide products and services at very reasonable rates.
1st Financial Federal Credit Union serves those who live, work, worship, attend school, or regularly conduct business in St. Louis City, St. Louis County, and St. Charles County, Missouri and a wide array of companies throughout the St. Louis metropolitan area. 1st Financial is a member-owned, not-for-profit financial organization committed to providing quality services to the membership while demonstrating safe and sound business practices. Deposits are federally insured by the National Credit Union Administration (NCUA), an agency of the U.S. Government.
Not a credit union member? If you live, work, worship, attend school, or regularly conduct business in St. Louis City, St. Louis County, and St. Charles County, Missouri, you can open an account today with 1st Financial Federal Credit Union. Visit www.TheBetterWayToBank.org for more information.