More Than Just a Savings Account: How CUs Support Financial Journeys of All Kinds
Written by Sue Ward-Diorio, Foundation Executive Director
Credit unions help their members build financial resilience by providing resources to help their members plan for major life events–from buying a car or a home, to managing debt or preparing for retirement. Financial wellness is also about security, not just wealth.
One of the most effective ways credit unions do this is through offering personalized financial counseling services. Many credit unions have Certified Credit Union Financial Counselors (CCUFCs) on staff, experts who are trained to work one-on-one with members, understanding unique financial situations and provide tailored advice that fits needs.
It’s more than just numbers—it’s about building a relationship and showing the community that the credit union is committed to financial well-being. By offering these services, credit unions demonstrate a genuine dedication to their members’ long-term success and security.
I recently talked with Cross Valley FCU, a credit union that uses their CCUFCs in a financial wellness program called Wealthwise. The counselors at Cross Valley FCU help members tackle a range of financial challenges, from improving credit scores and consolidating debt to saving for a special occasion or big purchase. We all know that discussing money can be tough—even with family—but the CCUFCs are trained to handle sensitive conversations and make members feel comfortable sharing their financial stories. They offer practical advice and personalized solutions to help get members back on track.
One of the most unique approaches Cross Valley FCU has adopted is their strategy for working with members who may not quite meet all the criteria for loan approval but show potential for future success.
Take, for example, a recent case. A young member, just 20 years old, applied for a loan to buy a truck he needed for work. Though he was responsible with his finances, he didn’t have enough credit history to be approved. After a detailed discussion with the member, the counselors understood his financial responsibility and decided to approve the loan. Fast forward a year, and the member has paid off half of the loan—and has even referred his colleagues to the credit union for help with their own finances!
This is the credit union way – they didn’t just look at the numbers, they weren’t just a paper application, they met with their member where they were, reviewed their situation, and felt comfortable taking a chance on them.
Cross Valley FCU’s commitment to financial wellness is clear, and their Wealthwise program is a perfect example of how credit unions are going beyond the basics to make a real difference and to help their members be financially resilient.