Congress finally passed the economic stimulus package yesterday. Most Americans will be recieving a check from Uncle Sam soon. As credit unions should we just let members spend away to help the economy, or should we find a way to use this unexpected windfall to teach members about savings? At FORUM, we think getting them to save is a better idea. We are working on a program to use our Weekly 5 Club (our prized based savings program) to attract just a small portion of this stimulus check to start a regular savings habit.
We are testing an idea with the tax rebates during the tax season, we will then modify and start a program in mid-May to teach members about the virtues of a regular savings habit and using part of the tax refund check to fund it. Will keep you posted on the results.
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