8 CUs earn inaugural designation of excellence from America Saves
WASHINGTON (5/29/15)--Eight credit unions were among the 18 financial institutions that earned the America Saves Designation of Savings Excellence, a new designation from America Saves recognizing financial institutions that went “above and beyond” to encourage consumers to save money during America Saves Week.
America Saves Week is an annual opportunity for financial institutions to encourage individuals to save money--with an emphasis on reaching low- to moderate-income families.
This is the first year America Saves has offered the designation.
Credit unions recognized include:
- Belvoir FCU, Woodbridge, Va.;
- Democracy FCU, Alexandria, Va.;
- Electro Savings FCU, St. Louis;
- Keys FCU, Key West, Fla.;
- Luso FCU, Ludlow, Mass.;
- Pen Air FCU, Pensacola, Fla.;
- Security Service FCU, San Antonio; and
- St. Louis Community CU.
Recipients were chosen by two selection committees, one for credit unions and another for banks.
The committee of credit union leaders was led by Gigi Hyland, executive director of the National Credit Union Foundation.
The America Saves Designation of Excellence recognition was primarily based on aggregate account activity results during America Saves Week (or the month of February), Hyland said.
“Credit unions do a great deal to help members save,” Hyland told News Now. “This opportunity, through America Saves Week was a particularly great opportunity for credit unions to encourage all their members to save money."
The committee looked at specific touch points such as number of members opening share or other wealth-building accounts; amount saved to accounts; number of members adding to share (or other wealth-building) accounts; and number of members setting up automatic deposits to a savings (or other wealth-building) accounts.
The banks and credit unions were recognized at the 2015 America Saves National Savings Forum and received a Designation of Savings Excellence seal for their website along with a plaque.