RALEIGH, N.C.–One student who entered college after attending a business magnet high school that included a focus on finance admits she missed the lesson on credit unions. But she also finds them intriguing.
Darith Klibanow, a student at the University of North Carolina, is the latest to share her insights as part of a series looking at what college students really think and know about credit unions? What do they really think and know about finance? This interview is the last in the series.
CUToday.info has partnered with Zogo, a fintech founded by undergraduate students at Duke University that is focused on innovative ways to use mobile first to improve financial literacy, to feature real interviews with college students.
Some of the answers as revealed in a new series of interviews, which were conducted by Zogo will be eye-opening to many in credit unions, and will likely send decision-makers back to the digital drawing board if they want to capture the next generation of members.
The introduction to the series, including the first student interview, can be found here. Other interviews can be found here, here, here, here, here, here, here, here and here.
Name: Darith Klibanow
Age: 20
Hometown: Durham, N.C.
Grade: Junior at University of North Carolina
Fun Fact: Works as a face painter for a body art company
Zogo: How did you learn about personal finance in high school?
Klibanow: I went to a business magnet school, so it had a focus on learning how to do accounting and stocks and stuff like that.
Zogo: What do you remember from that experience?
Klibanow: We talked about how investing works and bank accounts and the importance of saving.
Zogo: How can a person increase their credit score?
Klibanow: By paying things back successfully.
Zogo: What is an insurance deductible?
Darith Klibanow
Klibanow: OK, I’m pretty sure I got this one! It’s the amount that you have to pay before the insurance company will start covering the stuff that they said they would cover.
Zogo: Can you describe banks to me?
Klibanow: They’re corporations that hold your money for you. They give you access to money that you don’t have to carry around physically.
Zogo: Who do you bank with?
Klibanow: Wells Fargo.
Zogo: What is your relationship like with your bank?
Klibanow: I don’t really ask them for advice or anything like that. I just use them to keep track of how much money I have. If I have a question about my finances or something like that, I don’t talk to my bank about it, I talk to my dad.
Zogo: Do you feel loyal to your bank?
Klibanow: Yeah, I don’t think I’ve ever used a different bank. I like Wells Fargo, they give me a good vibe.
Zogo: Why did you choose Wells Fargo?
Klibanow: It’s just because my parents set up an account for me when I was a teenager. Wells Fargo has the teen accounts where you can have an account that is connected to your parents’ account. Since then I’ve just stayed with Wells Fargo.
Zogo: Can you describe credit unions to me?
Klibanow: Yeah, it’s different than a bank. I definitely learned the difference between them but I learned it like five years ago. So, I don’t know. I’ll give up on that one.
Zogo: Credit unions are like banks, but they’re non-profit. When you open an account at a credit union, you become a member and own part of the credit union. So while traditional banks are run by shareholders whose goal is to maximize profits, credit unions return all profits to their members in the form of reduced fees, higher savings rates and lower loan rates.
Klibanow: That’s nice!
Zogo: After hearing this description of credit unions, how has your attitude towards credit unions changed?
Klibanow: Credit unions sound pretty cool. I was pretty neutral about them before, but they sound nice.
Zogo: What are some things that a financial institution can do to make you feel loyal towards them?
Klibanow: I really like that Wells Fargo always offers to help me with stuff. I feel like they have a lot of respect for college students because they always send me interesting informational emails and opportunities to learn more about how I can plan for the future. They want to help you and they want you to manage your money in a way that’s good for you.
