FoolProof Fast Facts
Bite-sized, Interactive Video Answers for College-Age Members 18-30
Exclusive to Highly Custom Credit Unions
-
If a prospective young member asks, “What’s the difference in a bank and a credit union?” how do you answer?Click to play.
- Or this: “How do I reconcile my statement each month?
- Or this: “How do you write checks? Endorse checks?”
- “Why is my credit score important? And how is credit determined, anyway?”
FoolProof Fast Facts gives highly custom credit unions an interactive, web-driven way to answer dozens of questions like these.
"Fast Facts" is based on our college program called “FoolProof Solo,” but requires no registration, and allows anyone to instantly go to any of 38 topics.
- “Fast Facts” can also be used as an easy five-hour orientation on the realities of the Free Enterprise system.
- Your credit union can incorporate the entire program into your new checking account or financial counseling process.
- You can incorporate one section of Fast Facts. For instance, how many young people even know how to write or correctly endorse a check? We teach both topics thoroughly and interactively.
- You can promote "Fast Facts" as a program for college freshman to use on their own. Some credit unions offer incentives for freshman to do this.
- You can use the program with new members under 30 who have limited financial skills.
- The program works well with SEGS and community groups who deal with the under served.
- “Fast Facts” topics are included in your Super Database
- Take a look at “Fast Facts” at TTCU in Tulsa, OK.
Screenshots from the actual program:
"Like your money? Want to keep more of it? Dive in!" Under-30 consumers like the easy-access to learning.
"FoolProof Fast Facts focuses learning on key money topics.
"Jump In!" FoolProof Fast Facts encourages the under-30 to browse through easy-to-learn topics.
"The program comes with a testing component. Results can be downloaded or forwarded to other people.
Fast Facts uses videos and humor to teach important topics.
Topic Overview:
Checking Accounts
- Why you need a checking account
- What is a checking account?
- Banks vs. Credit Unions
- Ways to withdraw money from a checking account
- Check cashing services
- How people normally mess up their checking account
- Three big checking account tips
- Choosing the right checking account
- Dangers of some bounced check plans
- Writing Checks correctly
- Balancing a checking account & reconciling a statement
- Endorsing checks
- Understanding online banking & automatic payments
Credit Cards
- Credit card pros and cons
- Understanding a credit card's "grace" period
- Grace period dangers
- Problems with some "zero percent" cards
- Bad credit cards to avoid
- Different types of credit cards
- Dangers of many credit card cash advances and "checks"
- Dangers of credit card fine print
- Bank or credit union?
- Important credit card tips
- Understanding tricky credit card terms
- Understanding balance transfers
- Understanding variable rate credit cards
- Canceling a credit card
- The difference in "secured" and "prepaid" cards
- Long term impact of not managing your credit card
- Credit Card Practice questions
Understanding Credit
- Understanding the free enterprise system
- Understanding the role of credit reports
- Understanding the danger of fine print
- Phishing scams
- Nigerian scams
- Ringtone scams
- Example of ignoring a credit card bill
- The importance of credit
Factors Which Impact Your Credit
- Understanding the importance of your credit score
- Understanding debt vs. income
- The importance of paying on time
- Why the "age" of your credit matters
- Why the type of credit you have matters
- Why having new credit matters
- Most important factor impacting your credit
- Understanding the difference in fact vs opinion
- Credit bureaus' impact on your life
- Late payment dangers
- Understanding risk-based lending
- Low-income consumers targeted for bad tactics?