American 1 Promotes Financial Wellness From Shelter To Stability

Industry leaders often credit their staff as the secret behind an organization’s success. That’s especially true for American 1 Credit Union ($670.2M, Jackson, MI), where a dedicated financial wellness team and a partnership with a homeless shelter is changing lives.

Like many credit unions, American 1 takes pride in its donations, sponsorships, partnerships, and more, and employees across the cooperative frequently volunteer their time and talents to organizations in need. But when it came to the Jackson Interfaith Shelter, the credit union wanted to do more than make a monetary donation.

According to Carolyn Duncan, chief member experience officer at American 1, the shelter needed resources to help residents get their financial lives in order. Unfortunately, that wasn’t something American 1 could accomplish during bankers hours.

So in mid-2023, the credit union created a dedicated financial wellness team that operates under the communications umbrella alongside marketing and community partnerships.

“They touch a lot of things that deal with our branches on a daily basis, but ultimately they’re the face and the voice of the credit union to build relationships,” Duncan says. “We can’t naturally build that through marketing, so they are a component we have underneath that umbrella.”

Today, the financial wellness team visits the shelter multiple times per month. It also has an on-site presence at the factory where many shelter residents work. Not surprisingly, the hours are anything but ordinary.

“This isn’t an 8-to-5 job,” Duncan says. “This team goes out to factories and for third shift breaks, so we had to get people on the team willing to do that. That’s part of the strategy. If we just tried to do 8-to-5, we would not be able to connect the way we need to connect.”

A partnership between American 1 and a local shelter is changing lives in Jackson, MI, and beyond. Read more in “How American 1 Helps The Homeless Get Back On Their Feet”

Right Person, Right Seat

Those scheduling needs — along with the empathy and soft skills required for financial coaching — necessitate intentional, strategic hiring decisions.

“We’re big believers in right person/right seat,” says Collin Martin, financial wellness manager at American 1. “This job is not for everyone. You have to have a passion for making a difference in someone’s financial life, being a resource for them, and being able to see them from their worst day to getting back on their feet.”

Those considerations are a key part of the hiring process. Before making a hire, management confirms applicants are up for the job and can handle the unusual hours and emotional workload. Then, management conducts quarterly check ins to ensure staffers are happy in their roles and want to continue with the work.

“We told them they were going to work different hours, but I don’t think they perceived they were going to be working at 4 a.m.,” Martin says. “Learning and trusting your team to say ‘This is working’ or ‘This is not working’ builds the relationship from the ground up. This team held me accountable to make sure what we were asking them to do made sense.”

From an org chart standpoint, Duncan notes that having all three teams under the same umbrella gives the credit union the ability to spread its impact further and offer a variety of resources simultaneously, particularly when multiple teams are out in the community together.

Persistence. And A Little Luck.

Aside from having the right people in seat, Martin and Duncan emphasize the importance of communication in laying the groundwork for success. All parties are constantly evaluating gaps to ensure American 1 is meeting residents’ needs even when representatives aren’t on hand. One example of that is a resource packet in development to help clients understand topics like budgeting and credit repair.

Martin is quick to admit that luck and persistence have also played a role, particularly in forging relationships with the factory where many shelter clients are employed.

“There is a lot of communication involved; however, we are not afraid to go on site and continue to make contact to form the relationship,” he says.

Lessons Learned

American 1’s partnership with Jackson Interfaith Shelter has been successful enough that the credit union is already replicating its strategy at other shelters in Michigan. The partnership also has reinforced important lessons about homelessness.

“An obvious takeaway is that they’re not always homeless because they’ve done something bad or made poor life decisions,” Martin says. “It can be that they’ve been dealt bad cards. They can be there for a lot of different reasons. The fact that Jackson has a shelter that supports them and helps them get back on their feet shines a light on the community.”

For Duncan, the experience has also reinforced the importance of having the right employees in the right roles.

“Making sure we had a team that had open minds is a lesson I would always make sure people think about,” she says. “Their job isn’t easy, and connecting and effective listening and understanding verbal cues is important. We’re serving a population that’s different, but we’re serving a population that still shares our values and are human beings. You’ve got to lean in the right way and be open to learning along the way.”