RCU
SPONSORED SPECIAL SECTION | REDWOOD CREDIT UNION
Smart money RCU is committed to financial literacy and fraud prevention
By Janet Perry
F rom empowering youth to protecting against fraud, the financial well-being of its members and the community is at the heart of Redwood Credit Union’s mission and purpose. Teaching teens about money In 2013, Redwood Credit Union began presenting in high schools its Bite of Reality program, a workshop designed to immerse students in personal finance. The program helps equip young people with the knowledge and tools they need to thrive financially, setting them up for success in the future.
they’ve been working so hard for,” he says. “But it also helps us build stronger communities when the people living in them are financially knowledgeable.” Financial coaches for the community Redwood Credit Union focuses on elevating the financial well- being of community members of all ages. With certified financial coaches available to members and non-members, this free service provides personalized help toward a healthy financial
future. Anyone can book convenient in-person or virtual appointments with coaches and learn more about budgeting, saving, building credit, debt repayment and more. In addition, RCU offers financial education seminars through nonprofit partnerships. Fighting fraud Another part of Redwood Credit Union’s outreach focuses on protecting the finances of its members and the broader community. In addition to a comprehensive fraud education center on their website, they have multiple systems in place to protect members, monitor for potential fraud, and notify members of unusual account activity. “We have an amazing fraud team which works closely with our members to help in every way we can,” Martin says. The dreaded fraud schemes and
Matt Martin, Redwood Credit Union’s senior vice president of community and government relations, describes the program as an eye- opening glimpse into what “adulting” is like. “While it’s a fun, interactive activity, students walk away with a reality check on how much it costs to have a car, a house and a family,” says Martin. Using a mobile app, students are assigned an occupation, credit score, dependents, credit card debt and other various obligations. The simulation features stations staffed by volunteer “vendors,” who sell such products as housing, transportation, childcare, food,
clothes, entertainment, even makeup and skin care. The students purchase items from every station based on their salary profiles. “They learn that if a boat or an extravagant vacation is something they really want, they’ll have to make cuts in other places, like brewing coffee at home and skipping the daily coffee run,” explains Martin. Adds Martin: “It’s also fun to see many students gain new appreciation for their parents, once they more clearly see the sacrifices that have been made for them.” Martin points out that no one is born with the financial knowledge to reach one’s goals, but we benefit from learning from those who have that experience. Martin says it’s gratifying to be part of the RCU team focused on teaching people how to manage their money. “It is so satisfying to see people be able to purchase the car or the house
Redwood Credit Union offers Bite of Reality workshops created for high school students designed to immerse them in personal finance, including this one at Elsie Allen High School. Since the program started, RCU has reached nearly 21,500 individuals. [Photo courtesy Redwood Credit Union]
scams seem to be growing in number. Fortunately for its members, RCU has a Zero Liability Guarantee. When members use their digital services or credit and debit cards, they will not be held responsible for removal of any funds by someone they haven’t authorized. “The best way to avoid becoming the victim of a scam is to be aware of the signs and know how they work,” Martin says. “We offer tips on our website security center, in our newsletters, and on our social media channels to help people spot a scam early and not fall for it.” Martin says the best way to protect your accounts is by
48 NorthBaybiz
January 2025
Made with FlippingBook - Online magazine maker