We Are Wherever You Are
Do you have a student moving away to school? Leaving for school doesn’t mean you have to leave your financial institution. Or maybe you are traveling.
Remember, we are with you wherever you are.
Let’s talk about products and services First Pioneers, as well other financial institutions, offers.
This may also help dispel some myths on what types of products and services are offered by a credit union. It’s not just about better interest rates, its about being your financial partner.
Let’s start with 4 ways you can get money to your child when they are away at school.
1. A First Pioneers FCU Debit card can be used at over 30,000 fee free ATMs across the country. You just need to look for the proper network to use the ATM without a fee.
Sometimes understanding what networks are surcharge free can, admittedly, be a bit confusing, but we have a few suggestions of how to find those locations pretty easily:
a. There is a locator page on our website, firstpioneers.com. You could bookmark or favorite that page on your phone to make it easier to access.
b. Download the app Coop ATM/Shared Branch locator. This is available on apple and android devices.
c. Text 91989 for a list of service centers.
All this is on your phone so it makes it easy to access when out and about.
If you have a student who is moving to a new town or you will be traveling to a new town, consider looking up locations before you leave. This may make things faster when you need actually need it.
2. The second thing that can be helpful is using Shared Branching. There are over 5600 shared branches in the network. What does that mean? There are credit unions that participate in the shared branching network. You can visit one of those branches and do basic transactions in your account that’s at your credit union. That would be transactions like deposits, withdrawals and paying a note.
There is a $1000 cash limit per day at a shared branch but they could also write a check if they needed to. Other transactions will need to be done at their own credit union.
3. Zelle is also a great option. Similar to Venmo or Cash App, Zelle is a great way to share cash.
A few things to know about Zelle:
a. There is a $1000 limit per transaction, per day. The limit can be raised, but you will have to request the increase from your financial institution.
b. If the person you send to isn’t a member, they will be guided through setting up an account.
c. If your financial institution doesn’t offer zelle, your send limit is $500 per week.
The great thing about Zelle is its instant. You can send money to your kids or it can be used to pay friends back for meals or concert tickets. The key is to send money to people you know and trust.
A note about Zelle: make sure they watch out for scams. The basic forms of these types apps are not meant to be used for business transactions. Some do offer business accounts, some don’t. AND if you buy something from someone using an app like Zelle and then that person disappears or the transaction goes wrong, you really have no recourse through the app. So just be aware and talk to your kids about what they are doing to help them stay safe.
4. If you and your child both have accounts with First Pioneers, you can use our online banking or our mobile app to transfer money into their account.
Other products that can be helpful:
1. Online Banking – Online banking allows you to see and control your accounts from your computer.
a. You can see transactions to help you track spending.
b. Transfer from one account to another.
c. Set up bill pay, to make sure bills get paid on time so they aren’t late.
d. Pay your First Pioneers Visa credit card
e. Request to open additional accounts there.
2. First Pioneers App - This is very similar to online banking but on your phone! You can do transfers and check transactions as well as control your First Pioneers Debit and/or Credit cards.
a. Turn cards off and on
b. Get notifications whenever a transaction goes through your account.
c. Set spending limits on the card
d. Set limits on spending categories.
e. Set location spending.
f. Set online spending on or off.
These are just a few of the features that help protect against theft, but they can also be handy allowing someone else in your family to use the card. As a general practice however, it’s best to not allow others to use your card! We understand that with your child, sometimes it’s necessary and some of the setting could maybe save you some headaches!
These features are not offered by all financial institutions, so be sure and ask what’s available for you.
3. E-statements – When you sign up for e-statements you will be able to view them online so you won’t have to wait for it to come to your home in the mail. For your student, they are most likely still using their home address so they won’t have to wait until their next visit to access the statement.
Plus, it actually can save you money. If you have a basic or economy checking account, signing up for e-statements can save you money on your monthly fees!
Our bonus tip today!
As you look for a financial institution for your student, or even for yourself, I would consider a credit union. Building credit can be crucial for their future large purchases such as a car or their first home.
First Pioneers offers a series of credit builder loans to help young people build credit or even help people who need to repair their credit.
Also consider that often you will find a bank unable to extend a loan, not because they don’t wish to be helpful, but it’s just what their policies allow. A credit union can often help where a bank cannot.
All of the things we’ve talked about are not only good for your child but for you if you need them as well. Even though we’ve been focused on college students, these are great things to know for your daily lives as well especially when you travel on business trips or vacations that can take you away from your credit union, so make note of these for yourself as well.
If you are already established at a financial institution, I would encourage you to see what products or services they offer that can help your student as they venture away from home.
If you or your student still needs to establish their accounts, I still say a credit union is a great option to consider and we would love for you to join our First Pioneers family.
I am a bit biased toward First Pioneers, I admit, but the advantages of a credit union are not a bias, they are very real. Just some things to consider that will hopefully help you and your child move forward with their financial success.