Financial Fortitude
If someone were to ask what demographic is most aware of financial issues, most would answer college students, especially community college students. There are always more bills to pay, more things to take care of, and those dreaded student loans. Banks that are only out for themselves, charging monthly fees or needing a minimum account balance, can make students feel weary and jaded when needing to manage their money and keep up with their lives. This is where the University of Virginia Community Credit Union (UVA CCU) comes in.
UVA CCU offers many reasonable loans, credit balance transfers, and low minimum balances or even no minimum for the interest checking account. Even the savings account is called a “personal share savings.” What is important to know about this name is that it represents the “share” of the credit union that the account holder has. This further means that a credit union operates differently from a bank; UVA CCU is a non-profit, member-owned, financial cooperative. Some other differences are those who are members at credit unions are able to vote in electing board members; a CU’s focus is really on member savings, and dividends are paid back to the member.
In the entire history of the United States, taxpayer dollars have never been used to bail out a CU, and no credit union member has ever lost money in a CU protected by the fund (104th Congressional Record). Interestingly, CU’s are not FDIC (Federal Deposit Insurance Corporation) insured, but they are insured by the NCUA (National Credit Union Administration). Fortunately, the NCUA also has the backing of the full faith and credit of the US Government and accounts are insured up to $250,000 just as the FDIC accounts are.
Enough financial jargon for now; what is so great about the UVA CCU in plain English?. They are coming to PVCC. A community driven, student run branch will be opening up at our very own community college. The starting location will be across from the vending machines, the second door on the left, in the 600 wing of the main building which is to the right just past the Bolick Student Center. One of the greatest benefits is that they take financial literacy seriously and offer free counseling to members; therefore, if you feel as if you would like to better manage your money or learn your options for investing, then make a trip to the UVA CCU as soon as they open to gain your financial fortitude with free knowledge. Estimated arrival for the UVA CCU at PVCC is in January. It has also been said that there will be promotional fun events that you will not want to miss.
If you have any questions feel free to check out the www.uvacreditunion.org website.
