Students at Northern Michigan University will have an opportunity to hone their financial literacy skills, learn about long-term financial decision making and access banking service on campus, thanks to a new partnership between NMU, Collegiate and AlumniFi, celebrated Monday, August 24 with a ribbon cutting ceremony at the newly open branch inside the Northern Center.
Collegiate and AlumniFi are both banking platforms backed by the MSU Federal Credit Union, with the former focused on services for current students, and the latter on services built for alumni.
While the partnership between the university and Collegiate and AlumniFi will offer traditional banking services (checking and savings accounts, loans, etc), it will also promote financial literacy, which was a draw for NMU administrators in bringing the organizations on campus.
Beginning in September through the FinStart app, members will be able to access seminars, webinars and educational programs aimed at increasing financial literacy and independence. In addition, the bank will be involved in on-campus events throughout the year, helping promote financial literacy.
The ribbon cutting ceremony was marked with several speeches by Collegiate, AlumniFi and NMU representatives, including the leaders of both organizations. NMU President Chris Olsen and NMU Executive Vice President for Finance & Administration Gavin Leach both highlighted the importance of promoting financial literacy.
“You create the good financial base when they're a student at the university … and then having that seamless transition as students go into the after-life of college, which is becoming alumni of the university, and making that as seamless as possible,” Leach said. “I think this will be a great partnership.”
April Clobes, president and CEO of Collegiate, AlumniFi and MSUFCU, also touched on how the partnership will go beyond standard banking services.
“What we bring differently than other partners in the financial institution space is the education and the knowledge,” Clobes said. “We're not here just to say ‘here's a checking account, here's a debit card.' We're here to explain how the system of money works. We're here to teach you what the impact is on the decisions you make may that follow you through your life.”
Currently, the new Northern Center branch offers access to an ATM, and will soon offer in-person financial services.
Visit alumnifi.org/nmu for more information on banking services that will be available to members.