American Airlines FCU Recognized for Dejardins Financial Education Award in Cornerstone Region

Cornerstone League congratulates American Airlines Credit Union, which won second place in the regional Desjardins Adult Financial Education Award, category of more than $1 billion in assets.

Cornerstone will honor American Airlines CU during the IMPACT 2022: Annual Meeting and Council Forum in Grapevine, Texas, April 20–22, 2022.

CUNA created the Desjardins program to recognize leadership within the credit union movement on behalf of financial literacy for all ages. With $9 billion in assets and 313,000 members across 46 branches, the Fort Worth-based American Airlines Credit Union was recognized for its Financial Wellness Series.

About the Financial Wellness Series
The Financial Wellness Webinar Series features free, weekly, live WebEx events with subject-matter experts who cover topics including:

• Creating a Spending Plan
• Building an Emergency Savings Fund
• Improving Credit Scores
• How to Teach Your Kids about Money
• Small Business Topics
• Buying a Home or Refinancing a Mortgage
• Stress Free Auto Finance (and Refinance) Options

Results of the series include 1,599 attendees across 26 sessions in 2020; 1,212 attendees across 12 sessions in 2021 (January through May 31). Of those surveyed in 2020, 94% said they would recommend the presentation to others.

When the Webinar Series was created in 2020, project organizers focused on helping members and nonmembers navigate the financial uncertainties brought on by the pandemic and informed them of relief efforts the credit union offered, such as payment deferrals, COVID-19 loans, etc.

The project organizers highlighted the importance of creating a spending plan to keep accounts organized and expenses prioritized, as well as how to save money and build an emergency fund, especially if they recently had to dip into their reserves. Additional topics included auto and home purchases, refinancing or consolidating debt, and multiple small business concerns.

Prior to COVID-19, the Financial Wellness staff held one-on-one financial coaching sessions with members in person or over the phone. When the pandemic hit, the team worked quickly to train staff on WebEx so they could continue to hold those important face-to-face meetings with members. This made it easier to continue helping struggling members with managing their accounts and creating budgets.

Additionally, the Financial Wellness manager and members of several work groups designed a new program to help mitigate the number of NSF fees members were accruing. This team identified a common problem: members who struggled with managing their accounts. They developed the Overdraft Outreach Program, which notifies members of NSF activity on their accounts and provides the services of the Financial Wellness team to help them better manage their budgets.

The Overdraft Outreach Program developed into a 4-week counseling program and launched February 2021. The team has seen a reduction in NSF fees with those enrolled.

Congratulations to American Airlines FCU!