Teen Survival Guide: Motor Parts Federal Credit Union's boom! Program Provides Financial 'Basic Training'

AUBURN HILLS, Mich., Aug. 14, 2003 -- With online purchasing a click away, advertisers pushing the latest fashion trends and easy access to credit card applications, there are endless financial pitfalls that teenagers can encounter. To help avoid these potential nightmares, teens (ages 13 to 18) can learn financial responsibility through the Motor Parts Federal Credit Union (MPFCU) boom! Young Adult Club.

"The boom! program helps introduce teens to the world of personal finance -- from developing savings goals to managing finances -- during impressionable years when they can be overwhelmed by financial decisions," said Heidi Kassab, president and CEO of MPFCU.

Offering a detailed "Survival Guide," the program addresses a variety of needs, including:

* Buying your first car - discover all the factors that go into financing and maintaining a vehicle;

* Financing college - start preparing early for life after high school by researching/obtaining loans, saving for textbooks and supplies;

* Managing a checking account - step-by-step instructions on opening an account, writing and depositing checks and conducting automated teller machines (ATM) transactions; and

* Starting a savings plan and budgeting - learn the benefits of saving money and how to budget monthly spending.

The boom! program offers savings and checking accounts with ATM/debit card; certificates of deposits with low minimum balance requirements; loan and credit card programs with reasonable credit limits; monthly statements to track spending and savings; and a section on the MPFCU website that provides financial information and links to valuable resources.

Relatives (ages 13 to 18) of MPFCU members can open a savings account with the boom! program for a minimum deposit of $10. Young adults who join the program and maintain their membership in good standing can remain a member of the credit union for life, regardless of where they live or work.

MPFCU introduced its first teen savings program -- Young Movers and Shakers (YMS) -- in September 1995, which targeted members ages 18 to 22 and included savings, checking and a Visa credit card. YMS was replaced by boom! in October 2002. Offered through Liberty Marketing Services, boom! is a unique marketing program designed to help credit unions attract and educate teen members.

Headquartered in Auburn Hills, Mich., MPFCU is a member-owned, not-for- profit organization that was founded in 1951 by employees from Chrysler Corp.'s Center Line, Mich. parts division. MPFCU has branches in Auburn Hills, Center Line and Detroit, Mich., and Perrysburg, Ohio. Through a partnership with Credit Union Family Service Centers, MPFCU provides its members access to 21 additional branch locations in Michigan and more than 900 others nationwide.

MPFCU offers its more than 15,000 members financial products and services ranging from share certificates to VISA credit cards and from online banking to loan programs. Assets for 2002 were $116 million. For more information, visit www.mpfcu.org .