BROOMALL, Penn.---Some very well-known names from children’s books, the Berenstain Bears, are making an appearance at their credit union.
Joining such childhood staples as “The Bears’ Picnic,” “Bears on Wheels” and “The Bear Detectives,” is the newly released “The Berenstain Bears Visit the Credit Union.” The book is the result of a partnership between Franklin Mint FCU and it’s CUSO, the Credit Union Network for Financial Literacy, as well as the credit union’s long-time dedication to education.
The book, as well as the full Berenstain financial literacy program, is now available to other credit unions through the CUSO.
Franklin Mint had previously entered into a partnership with Berenstain Enterprises to develop the Berenstain Bears Financial Literacy Program, which in the case of FMFCU, includes the Bear Country Credit Union, an 1,100-square-foot financial literacy center aimed at kids that opened in 2013 and is part of its headquarters office.
According to Lorraine Ranalli, program manager, learning and development with FMFCU and CUNFL, the credit union’s CEO, John Unangst, had seen a local bank using Sesame Street characters and was inspired to pursue the exclusivity deal with Berenstain Enterprises to become a partner in financial literacy.
“We wanted to create this program in part, because a lot of generations identify with the Berenstain Bears,” said Ranalli.
As part of that program, the Credit Union Network for Financial Literacy had been using the book “The Berenstain Bears Trouble With Money,” in which the title characters offer their young readers a lesson in finance and interact with their bank. The credit union had been using a special edition of that book.
But it has now added “The Berenstain Bears Visit the Credit Union,” after Unangst and other FMFCU reps visited with publisher Random House in New York, and the company agreed to the idea. Mike Berenstain, who had become a supporter when he learned about the credit union’s mission and not-for-profit status, and who had seen what the credit union had done in creating Bear Country Credit Union, agreed to write the book.
“We’ve been very conscious of keeping the integrity of the Bears,” said Ranalli. “It’s an iconic brand.”
Brother & Sister Tour The Credit Union
In the book the two Berenstain Bear Cubs, known as Brother and Sister, want to save part of their allowances, but are unsure where. But then they learn about a credit union during a school field trip.
The cubs’ teacher, Bob, explains that a “credit union is a safe place to save your money like a bank. But, unlike a bank, a credit union belongs to all the folks who save there.”
Another teacher, Jane, adds, “Everyone who saves money at the credit union actually owns the credit union! So the credit union works just for them.”
The Cubs and their fellow students are then led on a tour of the credit union, where various products and services are explained.
Ranalli said the program has driven proven ROI for Franklin Mint FCU, adding the amount of public relations alone has been immeasurable. In addition, she noted that many Gen Y’ers are now parents and that the average age of FMFCU members if 41, versus approximately 47 at credit unions nationally.
In the first year of the Berenstain Bears program, between July 2013 and April 2014, Franklin Mint Federal Credit Union hosted more than 50 field trips and visited more than 4,400 kindergarten through third grade students in more than two-dozen schools.
According to the credit union, that resulted in 874 new Cub Accounts ($300,000), 225 converted accounts ($225,000), and 279 household accounts. Moreover, some 50.8% of Cub Account households have at least one checking account, and 34.3% of Cub Account households have at least one loan.
Cub Account holders (for kids up to age 10) receive a coupon sheet in which the credit union matches a deposit up to $10. When a Cub Account holder fills the piggy bank they are given for being a member, the credit union matches with another $10. The parents of Cub Account-holders are given $25 when they open a checking account.
For credit unions interested in participating in the Berenstain Bears program offered by the CUSO, the Credit Union Network for Financial Literacy provides everything needed, said Ranalli, including the following:
* Being an official Sponsor of The Berenstain Bears Financial Literacy Program and rights to The Berenstain Bears Financial Literacy Program name.
- Exclusive use of Berenstain Bears characters in conjunction with promotion of financial literacy.
- Use of all related Berenstain Bears Financial Literacy Program graphics and logos.
- Preliminary consultations via phone or email.
- Style Guide & Usage Manual.
- School Lesson Plans.
- Access to all Cub Account branding and marketing collateral.
- Wholesale rate and ability to brand credit union edition of The Berenstain Bears’ Trouble With Money and The Berenstain Bears Visit the Credit Union.
- Wholesale rate on Berenstain Bears Financial Literacy Program stickers.
- Wholesale rate on Berenstain Bears Financial Literacy Program Piggy Banks with CU branding.
- Ability to purchase or rent Berenstain Bears® costumes (CU clusters can share costumes).
- Ability to purchase any or all components of Bear Country Credit Union
Ranalli said most CUs already have all the personnel and facilities they need to participate.
The CUSO provides all the missing components.
For more info: www.cunfl.com. A video is available here:
http://www.fmfcu.org/fmfcuinfo/bears/berenstainbearsvideo.htm