Tips on Expected and Unexpected
Credit unions have been taking creative approaches to delivering on members’ lifestyle needs.
For example, Bellevue, Neb.-based SAC Federal Credit Union has unveiled its Baby Bundle Savings Plan.
The move is designed as a way to help save for a baby’s future by allowing parents, friends and family members to add deposits throughout the term of the certificate.
Both one- and two-year terms are available, and the credit union contributes $25 to every one-year certificate and $50 to every two-year certificate that reach maturity. In addition, SAC provides each of its newest members a Baby Bundle onesie, pacifier and piggy bank.
The Baby Bundle Savings Plan accounts are open to children during their first year and can remain open and growing for a lifetime.
“Parenthood is an amazing time. As you watch your little one grow and change, you want your baby to achieve greatness every step of the way. Baby Bundle is a great way to set the stage early for their child’s success and rewards parents who take advantage of the benefits of saving right from the start,” said Gail DeBoer, president/CEO of the $560 million credit union.
When recent AARP research revealed that nearly two-thirds of U.S. women ages 40 to 79 have already dealt with a major financial life crisis such as job loss, divorce, the death of a spouse or serious illness, the team at NuMark Credit Union saw an opportunity to serve a need in the community.
The result was a series of free seminars to help women prepare for the unexpected.
According to the AARP 2012 report, “Social Security: A Key Retirement Resource for Women,” women are less likely to have sources of retirement income such as pensions and savings, making Social Security one of their few sources of retirement income.
In the second of the Joliet, Ill.-based credit union’s three-part free seminars aimed at women, “Women & Money: Are You Covered?,” participants learned how to protect their credit ratings, avoid fraud, prepare for what if situations and have adequate insurance in place. The program wrapped with attendees developing their own personal action plans.
For the past three years, Summit Credit Union has managed to carve a niche helping couples and families get more comfortable having conversations about money. The Madison, Wis.-based credit union teamed up with a local CBS affiliate to provide financial education tips for local consumers. The “Your Money” series features video spots that covers a variety of topics from a how-to primer on kids allowances to figuring out a couple’s money personality. In addition, the Summit CU website offers tips on health, relationships, work, entertainment and money. It points the way to blogs on how to bring up the topic of money with a significant other and how to stay connected with friends or the tweens in your family.
According to Kim Sponem, president/CEO of the over $1.7 billion credit union, the move has been designed as a way to further reinforce the credit union’s position of helping its members do more, not just with their money but their lives, relationships and within the community.