Allegius Credit Union makes financial stability for students easier with Student Accounts

Allegius Credit Union makes financial stability for students easier with Student Accounts
By: Kellyn Vale Last Updated: August 17, 2020

With back to school in full swing, Allegius Credit Union is making it easier than ever for students to set up an account and begin their journey towards financial stability with a Kasasa Cash Back Checking Account.

“What’s nice about this account is by itself it has no fees, as long as the account holder takes care of it and doesn’t overdraw there won’t be any fees,” said Vice President of Member Development Gary Fossey. “That’s fantastic because in today’s world that’s a rarity.”

“We’re living in a largely cashless society today, and young kids use their debit cards and ATMs for nearly everything,” Fossey continued. “When they have this checking account and use their card or go to an ATM, they receive 4% cash back on purchases and get ATM refunds at month-end. The qualifications are very simple to meet for young adults! And even if their return is just 10 or 15 dollars, to them that’s a lot.”

To earn this 4% cash back reward and ATM fee refunds, account holders must take a few easy steps such as having e-statements, accessing their online banking and making a minimum of 12 debit transactions in that month.

“We’re very transparent here at Allegius Credit Union, that’s what makes us so great,” Fossey said. “There are a few stipulations to earn that 4% cash back, but it’s very easy to meet those requirements. Even small transactions count towards that, whether it’s buying a pack of gum, ordering a pizza, or anything they use that account for. It’s very simple, and we’ve set it up that way so that it’s easy for our members to get the rewards and maintain this account.”

Through a current promotion, when high school, college students or trade school students between the ages of 16 and 24 open a savings and checking account they’ll receive $100 for new membership and $100 for a new Kasasa Checking Account for a total of $200. All that’s needed to receive this $200 incentive is $50 per month in automatic deposit into each account – $50 into the savings and $50 into the checking.

“Some young adults do not have the full understanding of financial responsibility, they don’t understand how to manage their money or allocate funds to pay bills,” Fossey said. “Having this account teaches them those skills and they begin to learn how to manage a checking and savings account, giving them the basic understanding needed to be in good financial standing.”

While young account holders are in this process of gaining financial literacy, they are encouraged to have a parent or guardian sign on as a joint account owner to assist with keeping appropriate funds on deposit and assisting with account usage guidance if needed.

“Account holders under the age of 18 must have a joint owner sign on, whether it’s mom, dad, or a grandparent,” Fossey said. “We also suggest that those in the 18 to 24 range have a joint owner as a safety net to help add funds to the account if the account holder is struggling to maintain it.”

This simple, easy account system and monthly deposit obligation instills a sense of responsibility in young account holders that contributes to their growing understanding of personal finance, a skill that will be invaluable as they move through life.

“Money management seems to be an underrated skill in today’s society,” Fossey said. “This helps young adults out at the core level of personal money management - from square one.”

Allegius Credit Union members can also access their account through more than 5,500 credit unions across the country through a shared branching network, allowing them to make transactions wherever they are.

“That’s huge because even if they go to school in another state they’re still able to access their accounts,” Fossey said. “We have thousands of locations across the country where they can get to their Allegius account, and have a convenient locator on our website that can pull up available locations when they type in a zipcode.”

For more information on Allegius Credit Union and their Kasasa Checking Account options visit https://www.allegius.org/accounts/personal-checking/compare-accounts.html.

To learn more about their back to school offer visit https://www.allegius.org/about-us/become-a-member.html. To access Allegius Credit Union’s convenient shared branching location finder visit https://co-opcreditunions.org/locator/?ref=allco-op.org&sc=1.