This Credit Union Goes the Extra Mile With Education That Puts Members on the Road to Success

In a Nutshell: People learn in different ways, which is why it’s important for individuals to have options when it comes to furthering their education. Financial Plus Credit Union offers a wide range of educational resources so members can choose how and when to learn. A team of wellness ambassadors promote financial literacy throughout the communities the credit union serves.

Recent graduates flexing their newly earned independence need tools to survive and flourish in the real world. You can purchase some of the tools you need to get started in life, but others must be acquired through education and experience.

A car is one of the first tangible tools people seek when striking out on their own for the first time. My first car was a used vehicle, and, while it wasn’t very fast, attractive, or efficient with fuel, it got me where I needed to go.

Flint, Michigan’s role in the automotive industry earned it the nickname “Vehicle City”, but cars aren’t the only thing Flint is known for.  

Financial Plus Credit Union (Financial Plus), headquartered in Flint, offers innovative digital banking solutions and financial education to put people of all ages on the path to financial success. We spoke with Derek Lewis, Financial Plus’s Financial Wellness Specialist, to learn more about the credit union’s approach to bettering the communities it serves through financial education. 

Lewis told us Financial Plus was once known as West Side Auto Employees Credit Union. Initially, the credit union focused on serving employees of General Motors (GM) and their families. The credit union has since expanded its membership and now serves consumers and businesses across Michigan.

Financial Plus operates 12 branches in Bay, Genesee, and Saginaw counties. Lewis told us the credit union boasts $1.4 billion in assets and approximately 275 employees.

“We’re right across the street from one of the main General Motors plants here in the area, and we’re still really involved with GM and their workers,” Lewis told us. 

Financial Plus recently enhanced its mortgage services through a tool called Home Value+ the credit union offers through its digital banking solution. Home Value+ gives members insights into the value of their homes. 

“Home Value+ gives you your home’s current estimated value, and then, based on the size of the loan and how much equity you have, it provides resources to let people know how they can best put the equity that they have in their home to work for them, whether that be for the purpose of home improvement, debt consolidation, or more,” Lewis told us. “And it’ll notify you of articles that provide more info on home equity loans and lines of credit.”

The power of credit and the importance of responsible debt management are essential financial lessons everyone should learn. After all, you can use credit throughout your life to pay for everything from your first car to your grandchild’s college tuition.

One tool Financial Plus offers members through its digital banking service helps them see how actions can impact their credit. Lewis told us the solution can simulate the impact that opening and closing a credit card, or missing a payment, can have on a consumer’s credit profile.

“Credit is one of the biggest indicators of how someone’s doing financially,” Lewis told us. “It’s important for our members to be able to understand not only what their credit score is, but what impacts it and how they can improve it. Being able to offer that right through our app for free will hopefully help members make better decisions that increase their chances of getting approved for loans.”

Lewis worked in Financial Plus’s mortgage department for four years before transitioning to his role as a Financial Wellness Specialist. He told us that, throughout his journey with Financial Plus, he’s always had a heart for helping people take charge of their finances.

As a mortgage loan officer, Lewis had the opportunity to assist people with one of the most expensive and treasured purchases of their lives — their houses. Lewis told us that working with homebuyers led him to realize that people didn’t understand many of the financial components of buying a home, including the purpose of escrow and how to make payments on their mortgages.

“One of the big things for me as a loan officer was making sure that members felt educated and comfortable when we got to the closing table,” Lewis told us. 

Lewis’s desire to help people improve their financial standing motivated him to notify Financial Plus’s human resources team that he was interested in diving deeper into providing financial education to members. When the Financial Wellness Specialist position became available in the summer of 2024, Lewis told us he was prepared to lean into the role.

“I actually have a degree in counseling,” Lewis told us. “So I really just love being able to walk someone from point A to point B and seeing that moment when their eyes light up and they understand how to take control of their situation.”

A credit union that invites students into its branches for free financial education may not have many takers. Though people can reap the benefits of learning about money matters for decades, in my experience, most kids aren’t looking to sacrifice their free time for more education.

Financial Plus understands this, so it takes financial education to where kids spend many of their days — schools. Lewis told us he’s forging new relationships with middle schools and high schools in the communities the credit union serves. He also partners with Michigan’s 4-H Youth Development program to broaden Financial Plus’s reach within schools.

Education doesn’t end when you graduate from school. Financial Plus hosts webinars and workshops for area residents that instruct them on topics including buying a home and preventing identity theft.

And Lewis joins forces with Financial Plus’s business development team to provide financial education in workplaces.

“Our business development team really works on connecting with different employers all around the community,” Lewis told us. “Not a lot of credit unions are willing to go out there and start talking to employees at their place of business. But that’s something that we’re trying to do more and more.”

As an African proverb says, it takes a village to raise a child. Financial Plus believes that a credit union comprising financially savvy employees can create a more fiscally responsible community of members. While Lewis shoulders much of the educational load for Financial Plus, he has support from his colleagues within the credit union. 

Financial Plus places certified financial coaches in its branches who consult with members for free.

“We provide the resources to our employees that allow them to work with confidence when interacting with members,” Lewis told us. “It’s important to members who are trying to consolidate debt or going through a bankruptcy to be able to lean on someone who’s spent time studying information and getting certified to coach on finances. I feel like a lot of credit repair services can be predatory, so we wanted to make sure that we offered this service for free.”

People visit doctors even when they’re feeling fine for wellness exams that allow a medical professional to ensure they’re in good health. A financial checkup can detect whether someone may be headed for a financial disaster. 

Financial Plus provides free financial wellness checkups that allow community members to assess their financial standing.

“We provide this tool to our members and others in the community so they can take a test, kind of like the Myers-Briggs test, that gives them their money personality,” Lewis told us. “And then we’re able to use that data and evaluate how our membership is doing and what they’re struggling with. We’re really looking to just get as many resources in our members hands as possible.”

The tool, called Enrich, also provides participants with articles, videos, and courses they can use to improve their financial knowledge. Lewis told us he shares the tool with employers in Financial Plus’s community so they can provide it to their employees. 

A team of wellness ambassadors helps Lewis spread financial literacy throughout the communities Financial Plus serves. Wellness ambassadors are employees who work in various departments throughout the credit union and include loan officers and financial service representatives. Lewis told us that although ambassadors have different roles in their day-to-day jobs, they’re all passionate about showing members how to manage their finances. 

Eight Financial Plus employees serve as wellness ambassadors, but the credit union plans to increase that number in the near future.

“America is a great country and is one of the richest nations in the world,” Lewis told us. “But there’s so much debt here and so many people hurting when it comes to their money. There’s such a value in knowing how to manage your money, and helping people fill those knowledge gaps is a big part of what we aim to do.”