A partnership between the University of Kentucky Federal Credit Union (UKFCU) and Fayette County Public Schools (FCPS) has led to the opening of a second student-run branch at one of the district’s high schools.
In early October, Tates Creek High School (TCHS) launched its operation to serve the building’s nearly 2,000 students and faculty by offering all banking services available at a typical UKFCU branch—except for extending loans. Branch Coordinator Justin Sherwood, with UKFCU, said the initiative reflects the credit union’s mission to give back to the communities it serves, with financial education a central focus.
Justin Sherwood
“What better place to teach that than in a high school?” he said. “I remember not feeling like I was financially prepared when I was 18 and about to graduate,” Sherwood recalled. “Students nowadays receive more financial literacy education than they used to, but they’re not necessarily getting that hands-on experience, which is something the credit union can offer. When most people go off to college and get part-time jobs, it’s often in retail or something unrelated — not something that gives them skills they can use no matter what they decide to do.”
The initiative is part of the Business, Entrepreneurship, and Education branch of The Academy — small college and career prep communities available at Frederick Douglass High School, Bryan Station High School, and TCHS.
While The Academy offers a variety of pathways — from medical and nursing to design, engineering, and pre-law, depending on location — all three schools have business and leadership tracks. The Academy first launched at Frederick Douglass and Bryan Station in 2017 and later at TCHS when its new $84.5 million building opened in 2020. Frederick Douglass opened its student-run UKFCU branch in 2023.
Jamie Cox
According to Jamie Cox, business and marketing teacher at TCHS, the branch has been popular in its first month, with an average of one new account being opened per day despite the branch opening without prior promotion. But between curious passersby who’ve noticed a different look to the former school storeroom and student interns visiting classrooms to explain the branch’s services, awareness has increased.
“Teaching and learning become so much more powerful when you can connect what’s going on in the classroom with real-world applications, which is exactly what UKFCU has made possible for these kids,” Cox said.
In addition to teaching financial literacy, Sherwood said the program serves as a potential recruitment tool, giving students a pathway to future employment at UKFCU. Students complete an eight-week training program, shadowing credit union staff and learning all teller responsibilities to prepare for potential roles.
“The idea is to give students a firsthand experience in the financial field, allow them to get a jump start on their career, and figure out what to do with their money,” said Aiden Ward, one of the branch’s student interns.
While partnerships between credit unions and high schools are not widespread, similar programs exist in Jacksonville, Fla.; Greenville, S.C.; Richland, Wash.; and Piketon, Ohio — where even elementary students can open free savings accounts with no fees or minimum balances.
“It’s not super common, but it does exist,” Sherwood said. “There may only be one or two credit unions per state doing something similar, but it inspired us to explore the idea, and we’ve run with it.”
Cox said the program has already shown benefits. “The UK Federal Credit Union has been an amazing partner. I really do think they see the value in giving back and have embraced helping our students.”
UKFCU is also expanding its charter to include FCPS as a select employee group eligible for membership, opening opportunities for students and staff across the school district. Previously, membership eligibility was limited to those living, working, worshiping, or attending school in an underserved area, or other preferred partners.
“Fayette County Public Schools are the second-largest employer in the city,” Sherwood said. “Teaming up with them has opened a lot of possibilities for the community and for us to reach students and staff throughout the county, not just at Tates Creek and Frederick Douglass where we already have branches.”