Savings Products to Help Low-Wealth Households ± A REAL Solutions
®
Implementation Guide
is a 2010 publication of the National Credit Union Foundation¶s REALSolutions® program.
About the National Credit Union Foundation (NCUF)
The National Credit Union Foundation (NCUF) raises charitable funds, runs innovative programs, andmakes impactful grants for America¶s credit union movement. NCUF¶s mission is to ³promote andimprove consumers¶ financial independence through credit unions.´ Among the NCUF programsachieving this mission:
REAL Solutions
®
² Helping millions of consumers gain access to affordable financial services,achieve financial literacy, grow savings, build assets, and buy homes
.
Development Education
² Leading training on cooperative principles in the modern consumer marketplace to overcome what credit unions identify as the greatest threat to their future: ³the eroding of credit union philosophy.´
Social Impact Management
²
Meeting a ³triple bottom line´ that benefits credit unions, members,and communities.
About REAL Solutions
®
REAL Solutions® is the signature program of the National Credit Union Foundation. REAL ² ³Relevant,Effective, Asset-building, Loyalty-producing´² Solutions® works to help credit unions offer a wide rangeof products and services that have proven successful in serving working families with low wealth andmodest means. Using product/business models created and tested by credit unions, REAL Solutions®disseminates information to credit unions through special meetings, an
online impact center
at
www.realsolutions.coop
, and state and national conferences. As NCUF¶s signature program over the pastthree years, REAL Solutions® has been adopted in 37 states and is saving members tens of millions of dollars. It has now become a documented business strategy for credit unions to grow their membershipsby serving the underserved. Real people with real needs are finding REAL Solutions® at credit unions.
About the Author
Nancy Pierce
, Ph.D., is the President of Tipton Research Group in Kansas City, MO which providesresearch and consulting services to the credit union industry. She is a 25-year veteran of the credit unionindustry and served as president of Mazuma Credit Union in Kansas City, MO and Chairwoman of boththe Missouri Credit Union Association and the Credit Union National Association (CUNA). Following her retirement from Mazuma Credit Union, Nancy received her Ph.D. in Consumer and Family Economicsfrom the University of Missouri ± Columbia in 2004. She is currently serving as a Field Coach for theNational Credit Union Foundation¶s REAL Solutions® program and has provided services in the followingstates: California, Colorado, Kansas, Missouri, Montana, New Mexico, Oregon, Texas and Wyoming.
Acknowledgements
I would like to express my gratitude to the following credit unions and associations that willingly sharedinformation regarding their savings programs to help low-wealth households: Altana Federal Credit Union in Billings, MT American Airlines Credit Union in Fort Worth, TXCentra Credit Union in Columbus, INCommunicating Arts Credit Union in Detroit, MICommunityAmerica Credit Union in Lenexa, KSCredit Union Association of New MexicoDay Air Credit Union in Kettering, OHEmployees Credit Union in Estherville, IAFirst Financial Federal Credit Union in Wall, NJLangley Federal Credit Union in Newport News, VA
Members Cooperative Credit Union in Cloquet, MNMetro Credit Union in Chelsea, MANorth Island Financial Credit Union in San Diego, CAPrince George¶s Community Federal Credit Union in Upper Marlboro, MDPurdue Employees Federal Credit Union in West Lafayette, INState Employees Credit Union in Raleigh, NCWeber State Credit Union in Ogden, UTWright-Patt Credit Union in Fairborn, OH
Disclaimer
With respect to content of this publication, neither the National Credit Union Foundation, Inc. (NCUF) nor any of its affiliates or its or their respective employees make any express or implied warranty or assumeany legal liability or responsibility for accuracy, completeness, or usefulness of any information,commercial product, service, process, provider, vendor, trade name/mark that is disclosed. Referencesto any specific commercial product, service, process, provider, vendor, or trade name/mark in thispublication also does not necessarily constitute or imply that such a product or provider is endorsed,recommended, or warranted by NCUF. The views and opinions of the authors expressed herein do notnecessarily state or reflect those of NCUF and such reference shall not be used for advertising or product endorsement purposes.
This publication is designed to provide accurate and authoritative information in regard to the subjectmatter covered. It is provided with the understanding that the publisher, NCUF, is not engaged inrendering legal, accounting, or other professional services. If legal advice or other expert assistance isrequired, the services of a competent professional should be sought.
For more information, contact:
REAL Solutions®c/o National Credit Union Foundation601 Pennsylvania Avenue NW, Suite 600Washington, DC 20004-2601Phone: 800.356.9655, x6770Email: lkitsch@.ncuf.coopFax: 202.638.3912Web: www.realsolutions.coop
Table of Contents
Introduction .......................................................................................................................................... 1 Small Savers Products ........................................................................................................................ 3
Model 1:Wealth Builder Account ..................................................................................................... 4Model 2: MyFund Account .............................................................................................................. 6Model 3: Pot of Gold Account ........................................................................................................ 8Model 4: Dream Plan Share Certificate ........................................................................................ 10
Reverse- Tiered Savings Products ................................................................................................... 13
Model 5: TrueSaver Account ....................................................................................................... 14Model 6: Langley Saves .............................................................................................................. 16Model 7: Delta Package Share Account....................................................................................... 18
Round-up Savings Products ............................................................................................................. 20
Model 8: EasySaver..................................................................................................................... 21Model 9: Save Your Change (Auto Savings) ................................................................................ 23Model 10: MyFund+Sweeps ........................................................................................................ 25
Attached Savings Products .............................................................................................................. 28
Model 11: Auto Loan Plus ........................................................................................................... 29Model 12: Savings Accelerator .................................................................................................... 32Model 13: Salary Advance Loan (SALO) ..................................................................................... 35
Prize-Linked Savings Products ........................................................................................................ 38
Model 14: Save to Win ................................................................................................................ 39Model 15: Super Savings ............................................................................................................ 44Model 16: Emergency Fund Account ........................................................................................... 49
Savings Challenge Programs ........................................................................................................... 54
Model 17: Financial Makeover .................................................................................................... 55Model 18: Savings Challenge NM ............................................................................................... 60
Individual Development Accounts (IDAs) ........................................................................................ 65
Model 19: FUEL Accounts .......................................................................................................... 66Model 20: CUFP IDA Program .................................................................................................... 68
Other Savings Products .................................................................................................................... 71
Model 21: MatriMoney
®
............................................................................................................... 72Youth Savings ............................................................................................................................. 74
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