(1888PressRelease)
September 18, 2009 - Amherst, NH and San Dimas, Calif. - PiggyBanc®, Inc. and Financial Service Centers Cooperative, Inc. (FSCC) announce a provider partnership to all credit unions in the FSCC Shared Branching Network. This program offers an innovative children’s savings program and is open to those credit unions that participate in shared branching and members belonging to those credit unions.
The PiggyBanc, Inc. program provides young children and their families with an opportunity to open a savings account which encourages family and friends to participate by depositing money into the child’s account from anywhere at anytime. The program delivers the contributions into the account holder’s savings account at their particular credit union and allows for personalized messages to accompany every contribution.
“This is a wonderful way to allow credit unions to offer their members and their families a gift through the spirit of savings at a credit union. Attracting multi-generations, this program offers benefits for young members as well as older members who encourage financial literacy through this program,” noted Sarah Canepa Bang, President/CEO, FSCC. “More importantly, this program can be implemented at FSCC credit unions at no additional charge as part of our comprehensive service package.”
According to PiggyBanc, Inc. officials, this program offers attractive tools for credit unions. “Our partnership with FSCC and credit unions that participate in shared branching to add new accounts and increase membership growth (especially within the younger member market). PiggyBanc, Inc. is a family-oriented program, which creates and retains lifetime members, and provides targeted marketing opportunities to credit union members and their contributors,” said Christopher S. Jay, President, PiggyBanc, Inc. Mr. Jay adds that “PiggyBanc, Inc. provides a proactive savings solution for young families across the nation. We can give these young members and their families a platform form which they can learn to save money effectively, while developing a more financially responsible young adult.”
Hanscom Federal Credit Union in Massachusetts recently joined the program. "We've offered a youth savings account for a number of years, so PiggyBanc, Inc. is a natural complement to our program," said Scott Post, SVP Strategy and Delivery at Hanscom Federal Credit Union in Massachusetts. "It's a perfect fit with our commitment to financial literacy and member empowerment. Initial reaction to PiggyBanc, Inc. from staff and members has been overwhelmingly positive."
In the July 21, 2009 edition of Credit Union Member News, Credit Unions Online states that “According to the T. Rowe Price Parents, Kids & Money Survey, parents on average grade themselves a B- when it comes to their total understanding of basic savings and investing concepts such as setting goals, the importance of saving, spending smartly, inflation, and diversification.” Financial literacy is a shared accountability– financial institutions, families, communities, and government with a common goal. PiggyBanc, Inc. officials say they would like to see the trend in children’s savings accounts lean towards becoming a significant part of the American family’s total financial commitment and responsibility.
For more information about PiggyBanc, Inc., visit www.piggybanc.com.
Contact: Rozana Audisho
Public Relations Manager, FSCC
(888) 372-2669 ext 1233
raudisho ( @ ) fscc dot com
Christopher S. Jay
President, PiggyBanc, Inc.
800-440-4105
csjay ( @ ) piggybanc dot com
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