What is the Frewsburg SCFCU?

Frewsburg, Southern Chautauqua Federal Credit Union (SCFCU) is back! We are located at Frewsburg Central High School in room 300. SCFCU strives to teach high school students about the importance of learning financial literacy. Our goal is to see them become financially educated and successful individuals. 

Why does SCFCU have a location in the school? This may be one of the questions you ask yourself. SCFCU is a CDFI (Community Development Financial Institution). This is a special designation awarded by the U.S. Treasury to organizations dedicated to furthering the welfare of their community.

SCFCU is giving back to the communities by offering financial literacy to local schools at no cost to the district. SCFCU is here to enhance the financial literacy education that is offered by the districts. SCFCU also gives students an opportunity for intern experience and access to all banking needs while attending school. Students can interact with the Credit Union by reading the financial literacy posters that are hung throughout the hallways in the schools. A poster will reflect the monthly theme that SCFCU chooses. There will be educational information posters explaining the different types of products we offer, or informational context about financial products. The Credit Union also plays financial games with the students to enhance their understanding of certain financial literacy concepts.

Along with financial literacy education, SCFCU also offers products and services to the students much sooner than any other financial institution would. 

Freshman can open their OWN Savings Accounts in their name. SCFCU will assist them in the idea of saving their money for future needs.

Sophomores can open their own checking accounts and receive their (co-branded) debit card. The students are required to take a quiz as part of setting up this account and receive their debit card. The quiz is a tool that the Credit Union uses to help understand what the student knows about a debit card, and how it works. The quiz isn’t a pass or fail, it is an understanding of what each student needs to be educated on before they receive their debit card. Juniors are eligible for a Credit Builder Loan. Credit builder loans are a $500.00 loan where SCFCU will give up to half ($250.00) to the student up front and then the students will make monthly payments. Upon completing their required payments, they would receive the remainder of their money. SCFCU would recommend that they do these two or three times to help with their credit once it can be reported. Upon turning 18 years old, we can then report their creditworthiness to the credit bureaus and give them a head start on developing a positive credit score.

Any students interested in opening an account with SCFCU can stop down to the Credit Union, room 300, and get a packet to fill out. When you bring it back, we will need two forms of ID (ex. Student ID, photo ID, Social Security Card, Birth Certificate, or even a report card). Also needed is $25.00 to become a member and open an account.

You may be asking yourself the pros of having an account with SCFCU. We offer co-branded Frewsburg debit cards with the Frewsburg Bear Paw Print logo. The School-Based Branch of the Credit Union is a full-service branch and is available to students, teachers, and staff during the school day.

The Credit Union is open Monday- Friday from 7:45-3:30 in room 300. Feel free to stop in and ask Ms. Brittney any questions that you may have.