7 Banks, 5 Credit Unions Awarded the 2020 America Saves Designation of Savings Excellence
Financial Institutions recognized for exceptional achievement in promoting effective savings strategies
FOR IMMEDIATE RELEASE: June 24, 2020
Communications Manager, America Saves
Washington, D.C: America Saves proudly announced its recipients of the 2020 Designation of Savings Excellence award. The 12 financial institutions that earned the distinct honor were chosen from over 200 banks and credit unions across the nation that participated in America Saves Week.
In its sixth year, the America Saves Designation of Savings Excellence is awarded to financial institutions that displayed exceptional achievement by motivating individuals to take action toward becoming more financially stable. Those achievements include opening new savings accounts, increasing savings deposits, and creating an automatic savings plan.
Collectively, the 12 banks and credit unions that earned the award encouraged nearly 125,000 people to deposit $363,847,982 into new and existing savings accounts during America Saves Week 2020.
“Their extraordinary efforts to encourage and support their customers and members to save money and establish an automatic savings plan during America Saves Week deserves recognition and distinct honor, particularly as the COVID-19 pandemic reached a crisis stage just a few days after America Saves Week concluded,” said George Barany, Director of America Saves. “Because of their commitment to their communities, it’s possible the individuals and families they reached were better equipped to handle the many financial stressors that arose in the following days. We are proud to recognize and highlight the significant achievements of these 12 financial institutions.”
America Saves Week is an annual event that inspires Americans to assess their financial status and make a simple savings action plan that starts or increases their savings. The event is coordinated by America Saves, with input and planning support from over 35 organizations that include federal government agencies such as the FDIC, FEMA, and the Department of Labor, financial institutions like Bank of America, JPMorganChase, and Navy Federal Credit Union, as well as nonprofits and Cooperative Extension educators.
You can find the full list of partner organizations within our planning committee here:
2020 America Saves Designation of Savings Excellence Recipients:
Farmers Savings Bank
First Commonwealth Bank
Haddon Savings Bank
Southern Bancorp Bank
Baylands Family Credit Union
Community Resource Federal Credit Union
Eaton Family Credit Union
New Horizons Credit Union
North East Welch Federal Credit Union
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About America Saves
America Saves is a campaign managed by the nonprofit Consumer Federation of America that uses the principles of behavioral economics and social marketing to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org and americasavesweek.org.
- Written by Benjamin Moss
- Category: Uncategorised
- Published: 25 June 2020