Aberdeen Proving Ground Federal Credit Union is going gangbusters over financial literacy, and one of its dragnet programs helps nonmember, county rental assistance clients achieve financial independence ? without charge.
“There is a Harford County program,” explained Stuart Clode, senior vice president for marketing at the $600 million-asset, 77,000-member financial services cooperative, “where the county provides special funding for [rental assistance clients]. But they?ve got to go through some financial literacy program first.”
“We do that,” Clode added. “We teach it free for these people. The county knows that if they?ve been through the APGFCU course, they?re ready to step up to the plate and be responsible about finance.”
Other initiatives involving the credit union?s full-time education staff of four and ad hoc volunteers include budget counseling, some 20 financial literacy seminars per year, the development of personal finance Web site materials, school and community group education visits and products and services targeting low-income depositors.
And since its public-private partnership with Harford County began in early 2005, the credit union has conducted eight seminars ? in subjects ranging from budgeting and checking account management to effective tax planning ? and graduated 95 students.
“They?re already receiving help from us,” said Harford County Housing Authority Administrative Specialist Teresa Bandy of those enrolled in the agency?s five-year Family Self-Sufficiency Program in which APGFCU participates. “That?s just a part of the program where we help them to become more financially independent.”
“These are families that are already receiving housing vouchers from the [Section 8] Housing Choice Voucher Program,” Bandy added, noting that the agency now encourages other assistance clients to enroll in the APGFCU course.
Bandy explained that Family Self-Sufficiency Program clients receive government rent and utility bill vouchers up to about 70 percent of cost, but as they earn more money, clients are expected to take on more of the cost.
Enrollment in the program, however, allows them to deposit the difference in an interest-bearing escrow account, which they can retain once they satisfy all the program requirements, including completion of the APGFCU course.
