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| Contact: Rozana Audisho Public Relations Manager, FSCC (888) 372-2669 ext 1233 raudisho@fscc.com |
Christopher S. Jay President, PiggyBanc, Inc. 800-440-4105 csjay@piggybanc.com |
SHARED BRANCHING HELPING CHILDREN WITH FIRST SAVINGS ACCOUNTS
FSCC Teams up with PiggyBanc®, Inc. to bring savings to the forefront of a child’s life
Amherst, NH and San Dimas, Calif.—(September 9, 2009)—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.
About Financial Service Centers Cooperative, Inc. (FSCC)
FSCC is the nation’s largest and most convenient credit union Shared Branching Network providing over 6,000 full service deposit-taking locations in the U.S. and five foreign countries. FSCC’s innovative use of technology allows it to offer 24/7 access for financial services at more than 2,200 7-Eleven® Vcom® Units. FSCC credit unions represent $141 billion in assets. Since 1999, FSCC has returned over $14 million to its members through patronage dividends, rebates and return of capital. For more information, please visit www.fscc.com or call 888-372-2669 ext. 1235.
About PiggyBanc, Inc.
PiggyBanc® is an exciting, safe and fresh approach to getting children on the right financial track early. Through our website, you can fund a child’s savings account with just a few simple keystrokes. Friends, family, and relatives can contribute to their account any time of the day. Best of all, the account will teach your children about the importance of a savings program and strategy. www.piggybanc.com.