Illinois credit unions have joined banks and one of the state’s financial regulators to help working families save more.
As part of national Money Smart Week, the Illinois Department of Financial and Professional Regulation has kicked off its “Illinois Saves” campaign. Participating credit unions and banks will give families access to savings accounts after they complete an approved financial literacy education course.
The Illinois Saves Accounts are free to graduates of state-certified programs, accept direct deposit payments from employers or government benefit programs, and provide unlimited access to funds in the account through ATM access or electronic transfers, according to officials.
The $31 million Sherwin Williams Employees Credit Union in South Holland, Ill. and the $59 million South Division Credit Union in Evergreen Park, Ill. are among the financial institutions that have joined the Illinois Saves program. The Illinois Treasurer’s office, Consumer Federation of America and Economic Awareness Council are also program partners.