Nelson & District Credit Union: History & Youth

Name of Co-operative: Nelson & District Credit Union

Date of Incorporation: Received BC's 220th credit union charter in November 1950

Membership: 12,000

Activity: Providing financial services to communities in the West Kootenay region of British Columbia, Canada

Organizational Form: Financial co-operative

Area Served: Credit union branches in Nelson, Rossland and Crawford Bay, BC

As a financial co-operative, Nelson & District Credit Union (NDCU) has the advantage of serving a membership that provides insight and is able to influence how NDCU does business. The contribution that members have made to their credit union over the years has allowed for an immeasurable amount of investment back into the local community at several levels. 

Our members have contributed to our success in three important areas:

1. Members identify with and value the principles of a co-operative on which we were founded and continue to embrace.
2. Members influence the decisions of the credit union by exercising their rights of voice and vote.
3. Members who deposit their funds at the credit union are investing in our future and assisting other members to reach their financial goals.

The confidence of our members in their credit union has enabled us to grow and become a stronger, more competitive and vibrant financial services organization for over 55 years.

The Story

Throughout BC in the late 1940's, the credit union concept was a hot topic. Technological advances and demographic transformations were increasing the availability and accessibility of consumer items, from cars to household appliances. Personal banking needs were evolving.

At the time, credit unions were springing up across the province, including many in the West Kootenay that were formed by various co-operators.

In the fall of 1949, the Kootenay Valley Co-op Dairy sponsored a meeting at the Legion Hall in Nelson, BC, to discuss credit unions, because community members in Nelson were recognizing the need for financial services that cater to the needs of a changing general population.

By 1950, three separate credit unions were operating in the Nelson area:

• Nelson Railway Employees Credit Union
• Provincial Government Employees Credit Union 
• Nelson Savings Credit Union

In those early years, the office of Nelson Savings Credit Union was in a charter member's kitchen where a metal box was stored. With increasing demand for financial services and the amalgamation of smaller credit unions with Nelson Savings, the credit union quickly flourished and changed its name to Nelson & District Credit Union.

With this growth came the need for a permanent location and professional staff to support the growing selection of financial products and services that were being offered to credit union members. 

By the year 2000, NDCU repeated history by amalgamating "again" with two smaller credit unions, one from Rossland and the other from the east shore of Kootenay Lake (Crawford Bay), in addition to opening insurance and wealth management subsidiaries.

NDCU had secured itself as a leading provider of financial services. This was the beginning of a legacy of exceptional service and innovation offered by Nelson & District Credit Union.

Youth

Nelson & District Credit Union is dedicated to the future of our organization and our communities by making a commitment to youth that far surpasses the efforts made by other financial institutions in our country.

Our credit union's dedication to youth stands out from the rest. Here are the reasons why:

1. We have a committed staff member with the best interest of youth in mind.

Youth are the future of our communities and the co-operative and credit union movements. Nelson & District Credit Union took this to heart in the fall of 2002 by creating a Student & Youth Services Representative (SYSR) position to support the needs of this unique demographic.

The SYSR position was created as a pilot project to recognize, liaise and support young people in the communities we service. By establishing this position, Nelson & District Credit Union responded to a need that was identified while participating in the provincial Youth Market Project facilitated by Credit Union Central of British Columbia in 2001. 

The need was for a stronger and more direct link to youth. To address this need, NDCU established a youth-focused position, a dedicated individual who could  identify with, assist and support youth with their financial queries and be available to them, at their onvenience, in-branch or in their communities.

The program was deemed a success in 2003, and the board of directors approved the creation of a full-time position of Youth Services Specialist.

2. We have developed a respected financial literacy plan and co-operative curriculum for students and youth.

A great opportunity exists to educate students about their personal financial piWith this in mind, we initiated a relationship with schools in our area within the first week of the Student and Youth Services Representative pilot project. A lesson plan was developed for all grades in order to present a consistent program of financial literacy to students of all ages, which includes age-specific programs, lessons and worksheets. 

Since the inception of Nelson & District Credit Union's youth initiative in 2002, over 5,000 students and youth have benefited from a discussion on the importance of being financially literate. This program has also expanded to the outreach level. Presentations have been offered to local youth centres and community economic development offices offering small business training to youth.

With student debt becoming a growing problem, NDCU is proactively taking steps to educate young people on the importance of being financially literate. We have been successful in introducing the student community to several topics, including the importance of having a bank account, saving, investing, budgeting, personal debt and the dangers of too much credit.

The British Columbia Co-operative Association (BCCA) has a history of working closely with credit unions and co-ops in developing and strengthening the movement in British Columbia. Their work with young people in the province is a crucial component in the effort to broaden the relevance and benefit of the co-op and credit union models to a new generation of British Columbians.

In our community there is an existing interest in credit unions and co-operative business, as well as a strong need for students to have access to information about a range of career options. To satisfy this demand, NDCU assisted in developing and piloting a provincial curriculum project to the high schools in Nelson with BCCA.

3. We designed a website for youth, zippitydodog.com, packed with great financial and youth culture information.

Zippitydodog.com is a one-of-a-kind web site created by NDCU and developed specifically for students and youth. After listening to young people in our community tell us they need more relevant and current information to assist them in managing their money more effectively, our website zippitydodog.com was launched. Information on saving, budgeting, investing, the dangers of credit and planning for your future are all there-it's also fun and relates to youth financial habits. 

By creating a unique online resource that is not another "boring bank website," we have established the site of choice by student and youth.  Our efforts have shown success-try googling "Youth Credit Union Info" and you will find us with some of the big players.

4. We are recognized for innovative solutions locally, provincially and nationally.

Because we have been putting greater emphasis on reaching youth, we have received fantastic recognition by being awarded the National Credit Union Innovation Award and the Credit Union Central of BC Innovation Award for our initiative.

BC credit unions continue to provide a competitive advantage with top-notch personal service, a full understanding of local issues and a total commitment to their communities.

5. We give youth members a practical range of banking solutions.

Products and services that fit the needs of youth have always been a priority. The credit union has developed specific banking products to suit the needs of members and give them greater options and flexibility when doing their daily banking. Our most popular accounts have been for students & youth. 

The Common Cents Account is designed to suit the needs of our under-18 members interested in accessing ATM services for a flat service fee.

The Aspire Trio Accounts are designed to suit the needs of young members, 18 to 28 years of age, in their unique life stages. For more information visit aspiretrio.ca:

• Scholar: for members continuing their education
• Explorer: for members working to play
• Entrepreneur: for members in small business

6. We have one of the youngest board members in the country.

Talk about being committed to youth. We have one of the youngest board members in the country who plays a key role by contributing in a co-operative spirit to our organization. Along with his business partner, he helped design our websites, nelsoncu.com, zippitydodog.com and aspiretrio.ca.

Our Impact

Our efforts at Nelson & District Credit Union have proved successful as we see more young people in our branches. Their awareness of what we do as a financial co-operative and how we support them in their communities continues to increase.

Nelson & District Credit Union's youth initiative has exceeded the expectations of its board and management team and has thoroughly met the needs of the community. The relationships being developed are valuable and will benefit the credit union and youth.

From exposure in the classroom and our youth-specific website to the relationships being developed in our branches, this youth initiative would be a valuable relationship development tool for any form of co-operative enterprise.

Tom Atkins began his career in the credit union system in 2001, spending his first year as a teller at Nelson & District Credit Union (NDCU). Tom quickly grew to appreciate a financial co-operative's unique relationship with its community and members.

In the fall of 2002, Tom accepted a pilot position at NDCU as Student & Youth Services Representative. The success of this unique position earned NDCU local, provincial and national recognition with three innovation awards in 2004. 

Tom holds a Bachelor of Arts from BC's Simon Fraser University. He attended the first BCICS Youth Co-op Forum, has participated in the Yes Camp, sits on Credit Union Central of Canada's National Young Leaders' Committee, was a World Council of Credit Union Young Credit Union People Award recipient from the in 2006 and is active in his local community. 

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