Virginia Bankers join ABA Foundation for Get Smart About Credit campaign

This week, banks across Virginia and the Virginia Bankers Association are sharing tips on using credit wisely and saving for the unexpected, as well as information on careers in banking, via social media channels, in-branch handouts, in-person and virtual financial literacy lessons as part of the American Bankers Association Foundation’s Get Smart About Credit program.

GSAC is a national campaign that encourages banks to teach teens and young adults how to manage their money.

“Get Smart About Credit gives us an opportunity to equip the young adults in our community with the financial knowledge they need to prepare for the unexpected and ultimately be successful,” said VBA President & CEO Bruce Whitehurst. “Virginia bankers look forward to sharing a range of helpful resources and participating in this important campaign.”

Virginia banks offer these seven tips to help students shape their financial future:

1. You are in charge. It’s your job to manage your money. Set yourself up for success by creating a realistic budget and sticking to it.
2. Watch your spending. It all comes back to the simple lesson of needs vs. wants. Pace spending and increase saving by cutting unnecessary expenses like eating out or shopping.
3. Use credit wisely. Understand the responsibilities and benefits of credit. How you handle your credit now could affect you well into adulthood. Shop around for a card that best suits your needs. Pay as much as you can, as soon as you can, and always pay by the due date.
4. Utilize your bank services. Banks are more than money in a vault. They offer valuable services that students can benefit from like check cashing, debit cards, mobile and online banking, balance alerts, personal loans, direct deposit, financial education and some offer identity theft protection.
5. Be cautious when it comes to money. Don’t just trust anyone with your money. Be skeptical of classmates, friends or salespeople that have ideas for your money.
6. Save, save, save! Things happen, and it’s important that you are financially prepared when your car or computer breaks down or any one of life’s unexpected emergencies. No matter how small the amount, you should start putting some money away immediately.
7. This is a learning experience, so if you need help, ask. Your parents or your banker are a good place to start and remember – the sooner the better.

Banks across Virginia are regularly communicating with their customers about smart money management, and the following Virginia banks are directly participating in this year’s Get Smart About Credit program:

• Atlantic Union Bank
• Bank of America, NA
• Burke & Herbert Bank
• C&F Bank
• Chesapeake Bank
• Fulton Bank, NA
• Old Point National Bank
• The Bank of Southside Virginia
• United Bank

You can learn more about the VBA’s financial literacy efforts here.