Hiway was honored with the statewide 2018 Louise Herring Philosophy-in-Action Member Service Award in the more than $1 billion asset category. The award, sponsored by the Minnesota Credit Union Network (MnCUN) and the Credit Union National Association (CUNA), recognizes credit unions that demonstrate in an extraordinary way the practical application of the movement's principles in serving their members.
Hiway was honored with the Member Service Award for their Student Savings Account, which was created for High School Students between the ages 15-17 without the need of an adult signer on the account. The account offers direct deposit, mobile banking and an ATM card. The development of the account came out of a need discovered when Hiway introduced four High School branches in Saint Paul Public Schools. Many parents of the students are unbanked or struggle with finances. The Student Savings Account allows high school students to learn about finance, credit unions, saving and preparing for financial success prior to adulthood. The account has become so popular, community nonprofit youth programs including Right Track, Cookie Cart, Saint Paul Fire Departments EMS, Genesis Works, Urban Boat Builders and Humboldt High School in Saint Paul have reached out to Hiway so that their youth may have access to a place to save money as well.
“We are proud to have received an award for our Student Savings Account and for demonstrating our commitment to serve our youth members,” said Dave Boden, President CEO of Hiway. “We believe outreach to youth members, and youth in our broader community, is essential. Our goal with the Student Savings Account is to offer a safe place for students to save their money while teaching them the fundamental financial skills they’ll need to become fiscally responsible adults. As financial literacy is lacking in the general population, kids and adults alike, we want to do all that we can to change this and extend our financial guidance to families to help them improve their overall financial well-being.”
Hiway’s winning entry will advance to the national competition, where it will compete with financial education projects from credit unions in other states.
The award is named in honor of Louise Herring, an active supporter, organizer and champion of credit unions. She was the Ohio delegate to the 1934 national credit union conference in Estes Park, Colorado, where she signed the original constitution for a national credit union association. Herring believed that credit unions should work in a practical manner to better people's lives. She saw the credit union as more than just a financial institution. In her own words, "The purpose of the credit union is to reform the financial system, so that everyone can have his place in the sun."
