Pre-Health Director Carmen Gamlin sat down with Andrew Farnsworth from Alliance Credit Union to discuss benefits of joining a credit union and importance of credit health. Here are some key takeaways from their 3 Question Interview.
What I love about the model is that it allows credit unions to support organizations that are important to the members, such as the University of Detroit Mercy.
1. What is the difference between a Bank and a Credit Union?
Banks and credit unions usually offers some of the same services such as checking and savings accounts, loans, mortgages, etc. A key difference between the two institutions are their structure. In addition, credit unions have a ton of benefits for it’s members.
Credit unions are basically non profit banks…instead of shareholders that own them every individual with a $5 deposit is considered a member owner.
If you have that deposit with this model, the credit union generally has lower interest rates on loans. higher interest rates on deposits, and there’s lots of other benefits including insurance discounts, legal services, credit monitoring and even discounts for dining and shopping.
2. Why Does Financial Health matter if I am going to graduate school?
Financial health is really essential. Getting an advanced degree gives you the opportunity to have a higher earning potential, but you also have the risk of going into really massive debt.
You really need a plan to achieve your financial goals. Without a plan, with having debt and lack of discipline, it can become a real distraction and a burden. That is true for everyone and it doesn’t matter what level of education that you have…It’s really important that you take care of your financial health because it can affect you.
The good news is that someone with an advanced degree and possibly a higher earning potential who does have a plan, who creates a budget and sticks to it is likely to come through that with the tools needed to really thrive, to really provide a positive impact in their own wellness and family life and then be a leader in the community.
3. What are benefits of joining Alliance Catholic Credit Union as a University of Detroit Mercy Titan?
Alliance Catholic Credit Union really want to help students build their credit to gain those financial skills to just have a good foundation and be building that in college. So what we’ve created is the Titan checking account. It’s a special account designed to help students learn skills and create habits to master personal finance.
So first, you get $20 when you join. That’s just one of our promotions that we run and then we offer Financial Wellness Rewards. So if you log in and do our classes at the Alliance Catholic Credit Union University Track online-which are really fun and easy to do, you will get $80 in Visa gift cards for completing that.
Then you are automatically entered to win scholarships for having this account. Also, there’s up to $50 in report card rewards. If you have a GPA above 3.0, you can receive up to $50 per year for that. Additionally, the account is compatible with mobile wallet, the mobile app, online banking and all those other benefits associated with credit union membership.
Alliance Catholic Credit Union has a branch located at the McNichols Campus of University of Detroit Mercy. Titans are encouraged to visit and talk with the staff there for questions or to open an account. Accounts can also be open online at the website which is www.AllianceCatholic.com