Two Ways Credit Unions Can Help Ease Members’ Back-to-School Stress

LSC’s suite of prepaid card solutions enable members to load funds online or through a mobile app as they tackle expenses for the upcoming school year.

Back to School9/22/2020

Credit unions are known for adapting and re-aligning their focus to serve members’ rapidly evolving needs. As not-for-profit cooperatives, they remain steadfast in their mission to be more than just a financial services provider, always focused on the “People Helping People” mission.

As families settle into their back-to-school routines, added stress may make the next few months challenging, both for parents and students. But with the help of Strategic Link partner and payments provider, LSC, credit unions can make this transition a little less daunting for their members.

Back-to-School Expenses

Education looks differently across the country this fall, with some students attending entirely virtual classes, while others are juggling a hybrid learning experience. Others have returned to traditional, in-person education. Each of these formats makes an impact on back-to-school spending. For instance, new expenses for technology and personal protective equipment (PPE) is weighing heavily on the minds of students across the country this year.  

Credit unions can use LSC’s suite of prepaid card solutions to allow students the ability to reload easily from a mobile device, set aside funds for necessary expenses, and secure a strong budget for their time away from home.

Financial Education

It’s never been more important to teach children how to manage their money. Credit unions can help in this effort by offering virtual financial education and budgeting workshops to help children learn financial basics. Families can load their tweens’ and teens’ weekly allowance onto prepaid cards to encourage real-world budgeting and fiscal responsibility with little risk.

By offering a strong portfolio of products, services, and community engagement, credit unions are well-positioned to be a source of comfort and care for their members.

To learn more about LSC and how its solutions can help credit unions better serve their members, visit the partner’s virtual booth at the Strategic Link Trade Show. Join during live hours on every CU Learning TRAXX session day, 11 a.m. – 1 p.m. PDT, to chat directly with the LSC team.

Catch LSC’s President and COO, Libby Calderone, in the CU Learning TRAXX session, Operational Innovation: The Future of Payments is Contactless, where she joins a panel of thought leaders as they discuss the digital-first landscape and its impact on credit unions. This session is now available to registrants for on-demand streaming. This article was published in its original version in CUInsight.