Financial Education is in a Credit Union’s DNA, Especially CUs Founded by Teachers

In a Nutshell: Not all financial institutions are the same. While multinational banks may keep their eyes fixed on the bottom line at all times, regional banks and credit unions play a big role in improving their communities. Reliant Credit Union offers a robust menu of products to its members, but its educational programs and support of charities set it apart.

Teachers have a challenging job. Trying to get a classroom full of distracted and energetic kids to pay attention to a lesson on calculating the area of a geometric shape can’t be easy. But teaching can also be an incredibly rewarding role. 

I can’t imagine how great it must feel to see a student who’s been struggling to learn to read progress to the point where they’re eager to check books out of the school library. Teaching is certainly a unique profession. Most jobs don’t require you to be responsible for a room full of minors for a large portion of your day, and most jobs don’t give you summers off. 

In 1969, a group of teachers in upstate New York met to discuss a challenge that this particular job benefit — summers off —  presented. The teachers found that not working for the entire year made it difficult to secure traditional lending opportunities. 

Donald Rhine, a science teacher at the time at Sodus Central High School in Sodus, New York, came up with the idea of starting a credit union for the teachers. And the institution that would become known as Reliant Credit Union was born. We spoke with Amy Calabrese, Reliant Credit Union’s Chief Experience Officer, to learn more about the institution’s history and how it’s served its community for more than 50 years.

Though Reliant Credit Union initially focused on serving educators, it has since expanded its member base. 

“You no longer need to be a teacher in the school system to join our credit union as long as you live, work, or worship in the three counties we serve, which are Monroe, Ontario, and Wayne Counties,” Calabrese told us. “That obviously has helped us grow over the years to where we now have over 47,000 members and an asset size of roughly $685 million.”  

Reliant Credit Union manages 10 branches, an e-branch, and a full-service call center to meet member needs. 

Calabrese has a long history with the credit union that predates her employment there. She told us that her mother was one of Reliant Credit Union’s founding members, and Calabrese opened savings and checking accounts at the credit union when she turned 16.

Calabrese started her career in banking as a student teller at a commercial bank. She continued to work for that bank throughout college, transferring to a different branch. 

“Things changed for me when my husband and I decided to get married and live in our hometown,” Calabrese told us. “I began to wonder why I was still working at a commercial bank when I was a member of a credit union.”  

Calabrese began her employment with Reliant Credit Union in 1997. And who was her hiring manager? None other than Pamela Heald, who now serves as the credit union’s President and CEO.

Calabrese told us the culture that Heald has helped instill in the organization’s team is one of the reasons she’s worked for the credit union for more than 25 years. Reliant Credit Union’s culture values accountability, respect, and teamwork. 

“It’s basically just holding each other accountable for the actions we make and the results they create,” Calabrese told us. “We want to make sure that we’re all speaking a language that’s common and having a passion for the work we do. It’s all about the member, and it’s all about the employee.”

Of course, a credit union can have the greatest culture of any workplace on the planet, but it won’t get too far if it doesn’t offer the products its members need to succeed. Reliant Credit Union provides options for consumers in the market for a new credit card.

Some people choose to pay off their credit card balance each month to avoid interest charges. For those who carry a balance from one month to the next, Reliant Credit Union offers a card with a low interest rate.

The credit union also offers a card for members who are looking to earn rewards. Reliant Credit Union’s rewards credit card gives members 1.5% cash back on purchases. Calabrese told us the credit union doesn’t impose a cap on the amount of rewards members can earn.

Reliant Credit Union has undergone significant growth since forming more than 50 years ago, but the credit union hasn’t forgotten its roots. The financial institution’s commitment to educators is evident in its product set, which includes a savings account designed for teachers and other professionals who have fewer pay periods than the average worker. 

“We have a program that allows a teacher to take a portion of their pay and put it into a special savings account,” Calabrese told us. “Then in July, the amount of money the teacher has saved is dispersed to them so they have it over the summer months when they aren’t getting a paycheck. So, it basically takes the number of pay periods they have and turns them into 26 equal pay periods.”

You know a credit union with a history steeped in education is going to provide top-of-the-line financial products to students. Reliant Credit Union offers accounts geared toward children of all ages.

The credit union’s teen checking account, for members aged 11-17, comes with a debit card. Owning a debit card can be a rite of passage for teenagers, but first-time cardholders need to recognize the responsibility that’s required when using a debit card. And Reliant Credit Union helps with that too.

Parents of teen cardholders have control over the card’s features. They can transfer funds to the card and turn the card off and on from an online interface. Calabrese told us the card has been a huge hit with teens because it teaches them how to transact in an increasingly cashless world.

Though the credit union offers an innovative suite of products, Calabrese said its overarching goal is to teach financial soundness.

“Since we’re fundamentally an educator’s credit union, financial education is very much a part of who we are philosophically,” Calabrese told us. “We have two Member Development Coordinators who specialize in getting out into the community and financially educating people. We also host events that allow students to learn how to make choices about insurance and planning for life’s expenses.”

Reality fairs simulate an adult’s experiences with managing finances, allowing youth to practice making real world financial decisions about handling money. Calabrese said reality-based simulations are a big piece of what Reliant Credit Union brings to local schools, and students enjoy trying to decide how to spend money in the simulations.

Learning doesn’t stop when you graduate from high school or college. Reliant Credit Union hosts seminars that help adults overcome the financial challenges that can occur at different life stages. 

“Our investment services group does seminars all the time on a number of different subjects like investing for women and helping people understand how to prepare for their futures,” Calabrese told us. “We talk about specific things, like enrolling in Medicare and getting ready for Social Security. We also hold educational sessions at libraries that usually cover something pertinent to our members, like strategies for spending and saving.”

Many businesses encourage their employees to donate their money and time to worthy causes. Reliant Credit Union goes one step further. Calabrese told us the credit union started a program within the past few years to help its employees contribute to charities they esteem.

“We give every employee $100 each year that they can donate to any charity of their choosing,” Calabrese explained to us. “They can even pool the money we give them, which allows a branch to come together to support a single charity. We make the donation in the employee’s name, which further ties them to the community.”

Reliant Credit Union’s commitment to its community is also evident in the events the organization sponsors. Calabrese told us the credit union doesn’t solely focus on financial events but also those that promote physical fitness and overall wellness. 

The credit union sponsors an annual luncheon benefiting the American Heart Association. One of Reliant Credit Union’s employees is scheduled to be the keynote speaker at the event in 2025. 

A community is only as strong as its weakest member. Reliant Credit Union works to ensure the members of its community have every chance to live in a home they love. Calabrese said the credit union works with its members to develop creative solutions that help them afford their dream home.

“We have three full-time mortgage originators on staff,” Calabrese told us. “They each specialize in matching people with mortgage programs that can help them save money and assisting those who are in the market for their first home. We definitely guide our members along the way to buying a home, and there are a ton of educational pieces available on our website about that as well.”