Managing Money Becomes a Family Affair

When Dean's teenage daughter got her first summer job, he visited his friend Dan, vice president/market manager at Franklin Mint Federal Credit Union (FMFCU). What started as a lesson in managing money for a first-time wage earner turned into a financial makeover for the entire family.

At that visit, Dan reviewed all aspects of banking with Dean's daughter. He helped her install the FMFCU mobile app on her smartphone and showed her how to capture check images to make deposits remotely.

"Dan talked about money, finances, security and her responsibility. It was such a good learning experience for her, and he handled it so well, I brought my two younger children and my wife back a week or so later," Dean said.

Dan repeated his lesson and opened age-appropriate accounts for the younger daughters. Then he and Dean started talking about cars even though Dean didn't think he could afford payments because of the family's other needs.

Dan suggested refinancing to tap the equity Dean and his wife had in their home, which would enable them to consolidate bills and pay down debt while also saving money. Dean had dreamed of owning a Dodge Challenger since it was reintroduced in 2008 but just couldn't fulfill that dream -- until Dan made it happen.

With the new mortgage, and fewer monthly bills, he was able to afford a car loan. Dean was so pleased with the experience, he wrote to the FMFCU president/CEO about the wonderful service he received and said it "prompted me to rave about FMFCU to my coworkers, family, and friends."