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Podcast 57: Beneficial Bank’s Education-Themed Banking Concept

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Today’s guest on the Consumerism Commentary Podcast is Gerry Cuddy, President and CEO of Beneficial Bank. Tom Dziubek talks to Gerry about the two new banks that Beneficial recently opened in NJ and how their financial literacy approach differs from other banks.

Consumerism Commentary Podcast #57
Beneficial Bank, Gerry Cuddy
Production/Segment: S03E05 / 75

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Table of contents

[00:00] Introduction from Flexo
[00:31] Interview with Gerry Cuddy
[00:42] The history of Beneficial Bank
[01:41] Beneficial Bank’s services and products
[03:54] Beneficial’s education-themed banks in Cherry Hill, NJ
[08:47] Beneficial’s donations to local high schools
[09:52] Financial literacy & the roles of schools, families and businesses
[13:57] The recession and its effect on the financial perspectives of youth
[15:05] Ethics vs. prices
[16:42] Popularity of financial aggregation websites with young adults
[18:21] How Beneficial has weathered the recession
[21:07] End

We always welcome feedback from listeners. If you have any comments for this episode or for any other, or if you have suggestions for future episodes, please leave us comments here or email us at podcast at this domain name.

Updated June 24, 2016 and originally published May 23, 2010.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 2 comments… read them below or add one }

avatar 1 Anonymous

This Beneficial Bank iis unfair. Only the Student Saver (age 7-17) and Campus Savings (18-22) accounts with balances above $1000 or $2500 respectively earn 1.98/2.00%. Their Tiered Statement Savings for everyone else earn 1.00% for 5k and above; 0.5% for less. They have very high no-activity within 4 month fee.

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avatar 2 Anonymous

I think you may be missing the reasoning behind this behavior. It seems that the goal being set forth is to educate and reward young people toward financial responsibility. As adults it is fundamental to teach our children to be responsible and learn good habits, financially as well as ethically. The state of the country is a perfect example of what happens when you allow credit card companies and subprime lenders do that educating. Why not be pleased that there is someone out there trying to help reinforce good behavior at a young age that will continue through adulthood. I think you will also find that in todays market 1% on a liquid account or even 0.5% is a decent rate of return for adults. Keep in mind it was the adults who got us in the position we are in, not the young people!

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