Hiway Federal Credit Union

Near the end of the 2016 school year, Highland Park created a partnership with Hiway Federal Credit Union, and built a branch inside the school. Now, some people mistake a credit union for a bank, as they both have members and handle money. A credit union is different from a normal bank though, because:

Not – for – profit > Credit unions are nonprofit financial cooperatives, whose earnings are paid back to members in the form of higher saving rates and lower loan rates.

Member owned > At credit unions, depositors are called members. Each member is an IMG_4253 (Edited)owner of the credit union. Since credit union members are owners, each member, regardless of how much money they have on deposit, has one vote in electing board members. Members can also run for election to the board.

Better rates & Fewer fees > Credit unions focus on consumer loans and member savings, as well as services needed by the membership. Fees, such as overdraft and nonsufficient funds (NSF) fees and ATM fees, tend to be lower at credit unions than banks. Membership requires a deposit of as little as $5, and most do not require a minimum daily balance to avoid fees.

There are many banks and credit unions spread throughout Saint Paul and Minneapolis. IMG_4251Students and teachers of Highland ask many questions like: What do the students do? Why should I join Hiway? How do I become a member? — If you’d like to learn more, stop by the Scots branch during lunch and chat with one of our students, or Hiway associates.

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