TAMPA—Suncoast CU has a new “food truck,” but instead of offering sandwiches and snacks, the lunch wagon serves up financial education.
The $6.5-billion CU has introduced a mobile banking unit designed to appeal to the college crowd. It roams the campus of Hillsborough Community College, which partnered with Suncoast on the truck.
“While its design and graffiti-like facade may look like a food truck, this vehicle serves up products and services to feed students’ minds and wallets instead of their stomachs,” said Camille York, Suncoast youth outreach specialist.
Menu Of Services
Students can “order” from a service window (see photos) using a chalkboard “menu” of discussion topics. The truck has indoor seating to talk one-to-one with CU staff, a full-service ATM, iPads with account access, speakers and an outward-facing TV.
“This truck is all about helping students improve money management skills,” York said. “Studies show that only 39% of college freshmen keep a budget and that the majority can only answer one-third of basic financial questions. Suncoast is working to change that.”
York said the CU decided on the food truck because the credit union believes financial education is the some of the most meaningful education college students can receive.
“Students who don't receive financial education and advice are at a disadvantage in being able to establish financial stability,” she said. “We want to give students money management skills at this important time in their lives when they are making financial decisions that will impact them for life.”
Suncoast decided on the food truck concept because it wanted to “meet students where they are. We thought this approach would appeal to Millennials and college students,” York said. “We also wanted to create an atmosphere that invites students to engage with us while feeling comfortable asking even the most basic of financial questions.”
Breaking Down Barriers
The van is not a converted food truck. Suncoast designed and outfitted a vehicle with special features to look like a lunch wagon, which York expects will break down barriers young adults may have to discussing finances.
“We want students to feel empowered when it comes to making decisions about money. And we think the food truck does this,” she said. “Rather than being intimidated about the subject, we want them to feel in control and be able to make good choices. By just investing a little bit of time in learning about money we believe they can become excited about it instead of fearing it.”
Hillsborough Community College and Suncoast have partnered for more than 10 years, with Suncoast donating more than $240,000 to the community college over that time, in addition to investing in the food truck.
Fully Functional Branch
York said the food truck is the first of its kind for Suncoast.
“We have been progressive when it comes to teaching money matters. Suncoast has 33 student-run branches located in elementary, middle, and high schools, where Suncoast employees work side by side with students to teach the very basics of financial literacy.”
York said the CU considers the student-run food truck a fully functional branch, with its full-service ATM and iPads to access accounts. It is the first branch the credit union has at a college.
“Suncoast is working with Hillsborough Community College to emphasize financial education as a key part of being career ready, with topical discussions advertised on the truck’s menu board and liaisons standing by to answer any questions,” said York. “We want students to leave their community college with their earned degree and with a sound understanding of how money works.”