Honoring the Men and Women of the Armed Services, Our Veterans, and Their Families
Thank you for your commitment and service to our nation. Serving comes with unique challenges that may adversely affect the way you are able to participate in the very marketplace you help defend.
Military careers come with unique financial demands. Demands that are amplified by an increasingly complex financial marketplace combined with the usual burdens of managing finances such as maintaining a good credit score, saving regularly, and controlling debt.
Fraudsters, predatory lenders, and debt collectors know that servicemembers, veterans and their family members:
- Are required by military code to keep their finances in good order
- Receive a steady military paycheck
- Many military families are young and have limited experience making big financial decisions
Other important factors that impact military finances include:
- Deployments, change of duty stations, and emergencies lead to unplanned and unique financial difficulties
- Unforeseen expenses due to a lack of familiarity with the local environment
Achieving and Maintaining Financial Well-Being
Unique financial challenges come with unique consumer protections and resources devoted specifically to helping servicemembers, veterans, and their families achieve financial well-being. Below are just some of the available tools, visit Pocket Cents for Servicemembers for more.
Be on the lookout for important updates to the Military Lending Act regulations in the near future!
How Credit Unions Are Serving the Men and Women of the Armed Service, Veterans, and their Families
- Many credit unions participate in a “shared branching” system. This enables servicemembers who belong to one particular credit union to visit any other credit union in the world that participates in the same shared branching network to conduct transactions like deposits and withdrawals.
- A credit union in Colorado helped a struggling servicemember with no home, two young children, and unfavorable credit reestablish her financial situation through regular financial literacy and education training. The servicemember was able to rent a home, open a savings and checking account, and start saving 10 percent of her veteran’s disability checks.
- A Georgia credit union teamed up with a non-profit organization to help increase access to housing finance loans for wounded veterans returning home.
- A Virginia credit union provided holiday video greeting services to connect families stateside with their loved ones serving overseas.
- A New Hampshire credit union supported a local soup kitchen by preparing, cooking and serving a special Veteran’s Day dinner for the homeless.
- A California credit union hosted a fundraiser selling food to raise funds for veterans and their families.
Consumer Resources for Servicemembers
• Military Saves
• Locate your Credit Union with the CU Locator
• Is a Credit Union Right For You?