Serving the Armed Forces that serve us all year
With Memorial Day fast approaching, I would like to thank those who have paid the ultimate sacrifice for America. I would also like to remember and thank all of our veterans, active duty service members, and their families on this very special weekend.
During the other 364 days of the year, more than 72 credit unions across the country, with a specific field of military membership, are serving our service men and women when they need help with their finances.
Beyond these military credit unions, others in the U.S. serve 1,429,995 active personnel from the Navy, Marine Corps, Air Force, and Army who maintain a gap between financial literacy and those who actually maintain a personal relationship with a credit union or bank. To further complicate the problem, most military personnel are from the millennial generation, who do not have much trust in financial institutions.
Life is not easy for the military. They are frequently on the move, working abnormal hours, traveling or even living abroad. This makes simple financial transactions like ATM access, deposits, and money transfers extremely difficult. These young military men and women face unique financial challenges and are prime candidates for membership in a credit union.
• 27% of service members have credit card debt that exceeds $ 10,000. That compares with just 16% of civilians.
• Military spouses maintain an unemployment rate of 26% and earn 25% less than non-military spouses.
How can credit unions help this segment of the population?
• Offer credit cards specifically for the military and lower rates for consolidation loans.
• Provide financial products that offer specific incentives for smart money management behaviors.
• Introduces first-time vehicle purchase discount programs for military families with little or no credit.
• Offer educational seminars for home buying, investing, and retirement.
• Promote financial counseling programs to teach military members about credit reports and credit history, and personal money management.
• Maintain payroll deduction services to help staff pay loans directly from salary or pensions.
• Maintain job boards and career counseling to support service families in your area.
• Discounts on services and even theme park tickets are offered as a way of saying “thank you for your service.”
If you are a veteran or military spouse and considering starting a small business, consider joining a credit union for your banking needs. They offer incredible benefits for small business owners, and because they belong to their members, they always act in the best interest of their members.
Obviously, there are many credit unions across the country that are helping the financial needs of the US military.Your military service is not just about business. It’s about providing exceptional financial products and services that our nation’s heroes deserve.