TEFCU Offers Scholarship CDs
TEFCU is hoping its new CD program will light a fire for members who want to invest in their children’s futures.
The $81 million Washington, D.C., credit union said it created the FUSE (Funding Ur Student’s Education) CD as a way for parents and other relatives or guardians to also invest in the future of young people.
Instead of fully funding the CD from the outset, contributions can be made weekly, bi-weekly or monthly, and the 16,000-member TEFCU said $365,000 had been committed by the end of August.
That will result in $36,500 in scholarships when the CDs mature, said TEFCU President/CEO Rita Smith. Multiple CD accounts can be created for each student and the CDs can be renewed for a five-year term after their maturity.
TEFCU staff presented the FUSE CD program to area schools during back-to-school nights this year, the CU said.
TEFCU said it also works with students at a student-run branch it opened in October 2009 at Crossland High School and Pathway in Temple Hills, Md.