Alternatives Student Credit Union @ Belle Sherman
Frequently Asked Questions
What Is the Alternatives Student Credit Union @ Belle Sherman?
A credit union is like a bank, but it is owned by its members. The Belle Sherman Student Credit Union is a branch of Ithaca’s own Alternatives Federal Credit Union (also known as AFCU or Alternatives). The main office of AFCU is at 125 N. Fulton Street, between State and Seneca Streets. Lots of information about Alternatives and other credit unions is on the web at http://alternatives.org/.
How will it work?
Belle Sherman’s Student Credit Union will be open once a week, on Thursday mornings from 7:40-8:00 a.m. in the gym of the Big School. Opening day is Thursday, October 8!
Once students become members of Alternatives, they will be given an Alternatives Student Passbook and will be able to make deposits at the Belle Sherman branch or at the Alternatives downtown location.
How do students become members of the Alternatives Federal Credit Union?
Of the $3 needed to set up an account, $2 is the membership fee and $1 goes into your own new account! If you can’t afford the full $3, send what you can. The PTA will make up the difference.
Students can fill out the card during credit union days (Thursdays, from 7:40 - 8:00 am in the maing building gym). To sign up during this time, students again need a Social Security number and $3.
Or
Student can put the completed, signed card, with their Social Security number, and $3 in an envelope marked “CREDIT UNION.” Students should bring the envelope to school and give it to their teachers.
Remember: A student's social security number is needed to set up an account! If a parent is signing up for a joint account with a student, we also need the parent's Social Security number(s), a copy of his/her photo ID and his/her signature.
How do I make a deposit?
On Thursday mornings, bring your passbook and the money you want to deposit to school. Go into the Gym in the Big School, and go up to the table where volunteer tellers are sitting. Hand them your passbook and your money. They will record the amount of the deposit in your passbook and give you a signed receipt.
You can also make a deposit to your account by going to Alternatives on 125 N. Fulton Street, (between State and Seneca). You can check your account balance online at www.alternatives.org.
After the first deposit of $1 to set up your account, you can deposit any amount, from one penny on up. Please limit cash deposits to no more than $50. You can deposit any amount in checks. If you bring a check for deposit, write your signature, the words “For Deposit Only,” and your account number on the back of the check. If you bring a lot of coins, they will need to be rolled in special coin rolling papers that will be available at the Student Credit Union on Thursday mornings.
Coins must be rolled if the deposit includes:
Will my money earn interest?
Yes! Students currently earn 0.35% APY on savings, which is a better rate than adults now earn at Alternatives. When you have at least $100 in savings, you can open a Saver’s Club, which currently earns 1.5% APY. (“APY” means “annual percentage yield.")
Can I withdraw money from my Credit Union account?
Not at school, but withdrawals can be made at Alternatives on 125 North Fulton Street, Monday to Friday from 9-6 and Saturday from 10-1.
What if I lose my passbook?
AFCU encourages students to keep track of their savings in their passbook and keep the passbook in a safe place. But students can make deposits with or without their passbook.
What should my family consider in deciding whether to open a joint account or an account in the student’s name alone?
The Credit Union can give account information only to people listed as owners of the account. If the account is in the student’s name alone, only the student can withdraw money and get information about the account. For more information, read the “Joint Account Agreement” on the back of the pink “Personal Account” application.
Why is the PTA sponsoring a Student Credit Union?
A student credit union is a great way to teach children about money management and good saving habits. These are particularly important lessons to learn today. The Alternatives Student Credit Union program started in 1990 and now there are PTA-sponsored programs throughout the Ithaca City School District:
This page was adapted from information provided by David Moreland of the Fall Creek PTA and edited by Lois Levitan and Andrea Lachance of the Belle Sherman PTA. We thank David for sharing this information with us.