Since landing this amazing job as the Young & Free Maine Spokester, one thing has become very clear. People my age, the 18-to-25 crowd, the Gen Y’s, whatever you want to call us; we as a whole are uninformed about credit unions. Yet their business model is a perfect fit for young people today.

Right now it is essential to educate Generation Y, and turn them on to the benefits of being a credit union member. This age group will be the future borrowers, and credit unions want the chance to provide great services to the up and coming generation. It’s not only good news for credit unions, but it’s good for us — the 18-to-25 year olds. Credit unions typically have better rates on loans, lower fees, and better service.

I know that now is the right time to create awareness, because not too long ago I was non-member without a clue. My story is simple, like most kids I used my parents’ bank in my hometown.

I went to college and continued to use that bank. In my first two years, I lived and ate on campus, which led to me not spending copious amounts of money on groceries and rent (out of pocket, that is). Because I didn’t use my debit card often, I wasn’t meeting my monthly expectations at my bank, so I got charged a monthly fee.

I found this ludicrous. However, I thought there was no way to avoid the fees. My answer was to use my debit card more. Spend more money to avoid the fees. That makes sense, right?

Well, four years later, on track to graduate from the University of Maine in a month’s time, I finally learned about credit unions. How? It was a combination of walking by the campus credit union kiosk every day and seeing the former Spokester, Kylie Keene drive the Green Machine around campus.

After the bright green car caught my eye for the 10ath time, I finally got online to check out what a credit union was and what it could offer me. Turns out, I became a well-informed member after that.

And as a well-informed member, I can confidently tell you credit unions understand the fact that we’re young and don’t have a lot of money. That whole “spend more to save more” thing doesn’t really work for us right now and credit unions get that.

Many CUs in Maine are offering free4ME accounts that give the 18-to-25 crowd all the features we need and a few extra perks. The account features a free checking account, no minimum balance, free online banking, free debit card, no monthly fee and no per-check fee. There’s also this awesome bonus called the Oops! Refund where you can get an overdraft withdrawal reversed twice a year. And to top it all off, for becoming a member you’ll get a $10 gift card.

The main reason I switched was for no minimum balance and no monthly fees. Those two features are the most important to me when it comes to my financial institution. I didn’t want to be punished for not having a lot of money or not spending enough money on my debit card. I couldn’t help the fact I was in school with a job would not allow me to have a disposable income.

When I realized there was a way to eliminate my financial burden I was left with financial freedom. And that’s exactly what every young person deserves.

Young & Free Maine includes a financial headstart with the Free4ME Account, designed with 18 to 25 year olds in mind. Maine is the only New England state to offer this program, which has proven successful in connecting with Gen Y in regions throughout North America. For more information, visit www.YoungFreeMaine.com.

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