by Emily Hechler FOR IMMEDIATE RELEASE
ST. LOUIS, MO (Aug. 15, 2025) – Alltru Credit Union, a certified Community Development Financial Institution (CDFI) serving the Greater St. Louis area, is launching TruSpend Checking and Savings, a new youth-focused line of accounts to provide accessible, secure financial tools for members ages 8 to 17.
In 2022 the National Financial Educators Council foundation found that more than 40% of adults in the U.S. are considered financially illiterate, costing individuals an average of $1,819 per year. The TruSpend accounts were developed in response to Alltru member feedback requesting more accessible and safe banking options for their children without the monthly fees charged by financial apps tailored to children and teens.
“We heard from parents who are frustrated,” said Laura Woods, Vice President of Brand and Product Strategy at Alltru Credit Union. “They’re tired of expensive apps that don’t give their kids a real banking experience, and they want a safe way to build money skills early. TruSpend is practical, it’s free, and it’s built for young users who are ready to learn to manage digital currency, today.”
TruSpend Checking and Savings includes:
- Free Visa® debit card for everyday spending
- Online and mobile banking access with built-in parental controls
- No monthly fees
- Gamified financial education resources
- Federally insured funds by the National Credit Union Administration (NCUA)
While other financial institutions profit from charging members of all ages with fees, Alltru’s TruSpend accounts are free. This reflects Alltru’s ongoing commitment to providing accessible, equitable, community-focused banking solutions.
To learn more about Alltru’s new TruSpend accounts, visit, https://alltrucu.org/checking/personal-checking/kids-teen-truspend-checking/.
About Alltru Credit Union
Alltru Federal Credit Union was chartered in 1968 as District 837 Credit Union by the International Association of Machinist Union members employed by McDonnell Douglas in North County St. Louis. Alltru is full-service Community Development Financial Institution (CDFI) whose mission is to improve the financial well-being of its members. With over 40,000 members and nearly $360 million in assets, Alltru has provided members with a full line of dependable financial products and services for 57 years. For more information about Alltru Credit Union, visit https://alltrucu.org/.
Not a credit union member? Membership is available to anyone who lives, works, or worships within St. Charles county, St. Louis county, or the City of St. Louis. Open an account today.
Media Contact:
Laura Woods – Vice President of Brand and Product Strategy (636) 916-8303; lwoods@alltrucu.org