ALEXANDRIA, Va. (2/26/16)--Consumers interested in learning about saving and borrowing at a federally insured credit union now have a new interactive learning tool from the National Credit Union Administration (NCUA). The NCUA unveiled the resource as part of America Saves and Military Saves Week, which concludes today.
The interactive infographic, “What Is a Credit Union?” allows users to scroll down and get a range of information about credit unions and the benefits of membership.
Credit unions participating in America Saves and Military Saves Week, national campaigns that unite encourage individuals and families to save, are encouraged to promote automatic savings deposits, financial counseling and incentivized savings products, such as no-fee savings accounts with low opening balance requirements.
“Educating consumers about saving is a fundamental mission of credit unions and a key part of NCUA’s job,” said NCUA Chair Debbie Matz said. “We all have more work to do, especially as 64% of Americans don’t have enough cash on hand to handle a $1,000 emergency. This week is a great time for credit unions to help their members assess their financial status and take control of their financial well-being.”
In addition to posting links to savings tips and other information on MyCreditUnion.gov, the NCUA tweeted savings tips all week long via its @MyCUGov feed and provided education resources to servicemembers and civilians at the Defense Department’s Financial Readiness Fair.
Credit unions around the country celebrated America Saves and Military Saves Week include Kelly Community FCU, Tyler, Texas; Sharon (Mass.) CU; Freedom FCU, Bel Air, Md.; Belvoir FCU, Woodbridge, Va.; and Fort Sill (Okla.) FCU. These include special products and financial education outreach efforts.
In addition, credit unions that go above and beyond to encourage people to save during America Saves Week can be awarded the America Saves Designation of Savings Excellence. Applications for this designation are open from March 1 to April 1.