The old adage, saving for a rainy day, is top of mind today more than any time in recent history. In March of 2020, with much of the US under shelter in place or stay home orders, many families found themselves out of work or struggled financially due to the increased burdens associated with childcare, groceries, and increased expenses related to these orders. Nearly 70% of Americans report having less than $1000 in an emergency fund and 40% indicate they would struggle to come up with $400 to pay for an unexpected household expense.
We’ve been awarded $10,000 from the National Credit Union Foundation, which will help launch a new Member Assistance Program to help our members who have been impacted by the COVID-19 pandemic. With parents, children, and other family members confined to their homes, when typically at work or school, families are seeing an increase in utility bills and are struggling to make ends meet.
We understand the stress that this pandemic has caused and are here to provide assistance, one increased utility bill at a time.
With the $10,000 grant, LFCU will help offset the increase in utility bills for members of low to modest means. Members are asked to submit their February, March, April, and May utility bills and will be eligible to receive the amount of the increase which will be deposited directly into their account.
“At Limestone FCU we are committed to helping our members achieve financial independence, using grant funds to help cover the cost of increased utility bills is just the beginning. This program will encourage members to begin to create long term savings opportunities to better prepare for the rainy days of the future.” Jennifer Watson, CEO stated.
Limestone Federal Credit Union is committed to building a better financial tomorrow through service, education, and advocacy. Click Here to apply today for utility increase reimbursement and for additional details.