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APPLE STUDENT-RUN CREDIT UNION PROGRAM
Started in 1995-1996 school year, the Student-Run Credit Union Program (SRCU) brings real
world financial literacy and education into schools in Fairfax, Prince William, Stafford, and Frederick Counties.
Beginning with Lee High School and now encompassing 34 high schools and middle schools, the program involves
hundreds of student employees performing numerous duties for the students at each school.
What is the Student-Run Credit Union Program?
The program consists of opening a fully functioning Apple FCU branch inside the school.
Students then are instructed on how to run the branch performing all duties from accepting membership applications
to processing deposits. The goal is for students to become financially educated and gain real-world work experience.
Who can do business at the school branches?
Only students, faculty and staff that work at the school can conduct business at the SRCU
during the day. The branches are open during the school lunch periods and sometimes before and/or after school.
How many students have become members?
Over the years more than 5,000 students and their parents have become members through the
branches. Every year more and more students take advantage of the services Apple offers, right in their school.
Participating Schools (in alphabetical order):
Glossary
- ChexSystems
- A network made up of member banks and credit unions that regularly contribute information
on mishandled checking and savings accounts to a central location.
- Individual Account
- This means that the member whose name is listed can only access the account. (Any members
below the age of 18 that are requesting ATM cards, VISA check cards or checking accounts; are not allowed to open Individual accounts.)
- Insufficient Funds (NSF)/Bouncing a check
- If the funds are not available in the account when your payment is processed, we may
refuse to pay the item, and charge a fee. This process is the same as if you had
hand-written the check. Each occurrence is documented and reflected when ChexSystems is
used to determine your suitability as a member or customer of a financial institution.
- Joint Account With Survivorship
- The joint member(s) is entitled to the account funds if anything should happen to the
member. Recommended.
- Joint Account Without Survivorship
- The joint member(s) is not entitled to the funds in the account. NOT Recommended.
- Joint Owner
- For any accounts where a joint owner is desired or required, the joint owner must print
name, include social security number, signature and date. Check where appropriate if
requesting additional services (checking, VISA Check Card holiday club or vacation club,
etc.)
- Local Partner Branch
- The Full-Service Apple branch which processes all items contained in the money bags originating from a Student Branch at the
end of each day. Typically the branch is local to the student-run branch and can be of
help in many situations
- Routing number
- The number requested by a members employer which tells the employer which financial
institution to send the payroll amount to for direct deposit. Apple's number is
256078514 + the account number-(00 for savings and 17 checking)
Who can I contact if I need more information?
If you are a credit union looking to start your own program or a Public School
Teacher in Fairfax, Prince William, Stafford, Loudoun, Frederick County, or Fredericksburg City, Apple FCU is here to help. You can direct questions of any nature to:
David Gorham,
Business Development-Student Run Credit Union,
703-788-4875. |
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