Over 100,000 new wealth building accounts opened as part of America and Military Saves Week
WASHINGTON, D.C. – On Wednesday, May 18, 2016, 34 banks and credit unions will receive the America Saves Designation of Savings Excellence, which recognizes banks and credit unions that went above and beyond to encourage people to save money during America Saves Week and/or Military Saves Week.
Designation of Excellence Recipients
The 15 banks and 19 credit unions will be recognized at the 2016 America Saves National Savings Forum on May 18th, and will receive a Designation of Savings Excellence seal for their website along with a plaque. "For years, hundreds of banks and credit unions have participated in America Saves Week and Military Saves Week by encouraging individuals to save money and build wealth," said Nancy Register, America Saves Director. "This designation allows us to recognize banks and credit unions that successfully encouraged individuals to save money during the week. We commend these 34 institutions and hope to award hundreds in the future."
Credit unions and banks encouraged thousands to save as part of America Saves Week. At credit unions, 96,842 new accounts were opened, 2,713,844 people added to existing accounts, and 1,195,110 automatic savings deposits were made. At banks, 7,000 new accounts were opened, 416,325 existing accounts had higher balances during America Saves Week promotion, and 819 new automatic savings accounts were opened.
Recipients were chosen by two selection committees, one for banks and another for credit unions. Christiane Gigi Hyland, Executive Director of the National Credit Union Foundation chaired the committee of credit union leaders. "The Foundation is proud to be working with America Saves on the designation,” says Hyland. “The America Saves Week effort is great for credit unions to be aware of in terms of helping their members save, as encouraging savings and financial literacy are part of credit unions’ DNA.”
Steve Bartlett of Treliant Risk Advisors chaired the committee of bank leaders. “These designations recognize those institutions that have acted affirmatively on behalf of the long-term interests of their customers and their families,” says Bartlett. “Savings equals long-term security and quality of life.”
America Saves Week is an annual opportunity for financial institutions to encourage individuals to save money – with an emphasis on reaching low- to moderate-income families. America Saves is recognizing banks and credit unions that succeeded in promoting savings or other wealth building accounts and had high levels of accounts opened or added to during America Saves Week 2016.
For more information about the America Saves Designation of Excellence visit:
Credit Union Designation: http://americasavesweek.org/america-saves-designation-of-excellence-for-credit-unions/
America Saves, a campaign managed by the nonprofit Consumer Federation of America, seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior. Nonprofit, government, and corporate groups participate in America Saves nationally and through local, regional, and statewide campaigns around the country. 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.
Contact: Katie Bryan (202) 939-1018