First Tech Federal Credit Union, the nation’s ninth-largest credit union, announced the launch of its Youth Villages Foster Youth Savings Program, establishing itself as the first credit union to allow foster care children under 18 years of age to open a bank account without requiring an adult co-signer in Oregon and Southwest Washington.
In collaboration with Youth Villages Oregon, a nonprofit organization working alongside young adults as they make the difficult transition out of foster care into adulthood, the initiative is designed to help underserved youth gain the financial independence they deserve.
“We’re committed to helping young adults aging out of foster care learn the skills they need to pursue their dreams and fulfill their potential,” said Andrew Grover, executive director at Youth Villages Oregon. “First Tech’s been a great partner in our financial literacy efforts, and we are grateful to them for removing significant barriers so our youth can open their own savings account.”
The program officially kicked off in April 2023, and since the launch, several other financial institutions have expressed interest in joining the initiative to make the program more accessible to youth.
“In the U.S., one in 20 children reside in state foster care systems, and many will ‘age out’ with no family support system,” said Candace Elliott, senior member experience manager at First Tech and ambassador board outgoing chair of Youth Villages Oregon. “We look forward to continuing this partnership and are optimistic we can make a positive impact on foster youth in our communities by empowering them to grow their savings early on and take charge of their financial future.”
For more information on First Tech’s partnership with Youth Villages Oregon, visit: firsttechfed.com/pages/crel/youth-villages-foster-youth-savings-banking-program.
About First Tech Federal Credit Union’s Community Commitment:
First Tech Federal Credit Union is committed to supporting the next generation of leaders, thinkers, and innovators. In 2022, First Tech provided over $4 million in charitable giving to 128 organizations and more than 80% of employees participated in community engagement; directing dollars and time to nonprofit partners who provide programs and services to children and families in need. First Tech’s philanthropic focus areas include support for education (STEM, early childhood literacy, financial education, and scholarships) and fundamental needs (hunger, shelter and community health). Visit firsttechfed.com/community to learn more about the ways First Tech pays it forward throughout the year.
About Youth Villages Oregon:
Youth Villages is a national leader in children’s mental and behavioral health, committed to building strong families, delivering effective services and significantly improving outcomes for children, families and young people involved in child welfare and juvenile justice systems across the country. Founded in 1986, the organization’s 3,600 employees help more than 36,000 children annually in 23 states and the District of Columbia. Youth Villages has been recognized by the Harvard Business School and U.S. News & World Report and was identified by The White House as one of the nation’s most promising results-oriented nonprofit organizations.
About First Tech Federal Credit Union:
First Tech Federal Credit Union is a $17+ billion institution headquartered in San Jose, California. The nation’s premier credit union serves the world’s leading technology-oriented companies and their employees, including HP Inc., Hewlett Packard Enterprise, Microsoft, Agilent, Intel, Cisco, Amazon, Nike, Intuit, Google, and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to more than 720,000 members through its 33 branch locations, more than 5,600 CO-OP Shared Branch locations, 30,000 CO-OP Network ATMs, and online platforms. First Tech offers a full range of financial services, including traditional banking, online banking, mortgages, financial planning, various consumer loans, and insurance services. Federally insured by NCUA. Equal Housing Lender.