FAIRHAVEN, Mass. — As a way of saying "thank you" for serving in the military, the $400 million First Citizens' Federal Credit Union is offering rate cuts and a special loan and checking package coupled with a $50 CU donation to a veteran's organization of the member's choice.
The new "Hero Account" formally announced just before Veterans' Day provides anyone who has ever served in the military with special checking and savings rates, discounted loan rates, reduced closing fees on mortgages and other financial services
"We strongly believe that the sacrifices being made deserve more than just vocal recognition so we have created a tangible package of services," explained Charles R. Simpson Jr., FCFCU president/CEO.
The CU has set aside $10,000 to cover the cost of anticipated donations with members selecting from a wide variety of qualified nonprofit groups including veterans organizations and others from communities in suburban Boston and on Cape Cod.
"We've had nothing but positive response from our members and veterans groups about the program," said Peter J. Muise, executive vice president/chief operating officer.
Several veterans' groups have already supported the accounts with ads, brochures and articles appearing in local newsletters and Web sites of local agencies.
The head of one veterans' agency in Hyannis, where First Citizens' has a branch, applauded the Fairhaven CU for launching the product though it was uncertain yet which local groups like the Nam Vets Association, the Soldiers Memorial of Hyannis or the Paralyzed Amvets Association might be getting the donations.
"All I know we've had a number of residents sign up," said Sidney Chase, director of the District Department of Veterans.
The "Hero" account, said Muise of First Citizens', can help ease financial worries of families when loved ones are shipped out of state or overseas. "They have enough anxiety already without worrying about the status of their checking account or ATM access," said Muise.
Beside discounted rates, other Hero features include no minimum balance requirements, free ATM transactions, free check re-orders, monthly and bonus dividend eligibility and free Visa check cards. The CU said it also has developed an incentive savings program that rewards members with tiered interest rates.
–jrubenscut@aol.com
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.