News
August 10, 2022Community Resource Federal Credit Union Receives the Military Savings Excellence Award
Today, Military Saves announced five financial institutions as recipients of the 2022 Military Saves Designation of Savings Excellence (DOSE) award. The coveted honor highlights banks and credit unions that made an extraordinary effort to promote positive saving behaviors and took actions to improve the financial stability of those in their community during the annual Military Saves Month campaign. Military Saves is an initiative of America Saves.
“For military families, economic inflation has added an additional financial burden to career obligations, such as frequent relocations, which means finding affordable housing and restocking your household’s food supply—another challenge when so many military families are also dealing with food insecurity,” said Krystel Spell, Manager of Military Programs at Military Saves. “Saving and budgeting to have the funds on hand to meet those unexpected expenses is important now more than ever. With the efforts of our DOSE award recipients to promote awareness about the importance of saving, I am convinced military families will be able to reach their savings goals and set a path for continued financial stability. I commend all of the recipients of this award for their commitment to helping military members and their families achieve financial and mission readiness.”
The annual campaign enables partnering organizations and financial institutions to reach their communities with resources to build financial wellbeing and resilience that are particularly relevant to the active-duty military community and their families. Partnering financial institutions encourage individuals to open savings accounts, set up automatic savings, create financial goals that increase their financial wellness, and make a clear plan to achieve those goals. Of the 144 financial institutions that participated in Military Saves Month 2022, one bank and five credit unions are being recognized for their significant impact.
The commitment and dedication of the DOSE award winners were a significant portion of the collective economic impact of this year’s celebration, which took place this past April. Overall, the participating organizations encouraged nearly tens of thousands of individuals to set up a new savings account or deposit into an existing savings account, depositing a total of $32,320,026 during the month of April. Additionally, over 9,600 individuals either set up automatic savings or increased the amount they save automatically.
“Our members’ financial wellness remains top of mind for us. We’re always looking for ways to encourage our members to save and continue building financial security,” said Jaspreet Chawla, Senior Vice President of Savings Products at Navy Federal. “We want to be a constant savings resource for our members, and we thank Military Saves and the Consumer Federation of America for instilling positive savings habits in our communities and beyond.”
In addition to the DOSE award winners, Military Saves Month 2022 saw more than 400 organizations participate in the campaign, including financial institutions, government agencies, local government, nonprofit organizations, academia, and more.
2022 Military Saves Designation of Savings Excellence Recipients:
BANKS
Armed Forces Bank
CREDIT UNIONS
Community Resource Federal Credit Union
Hanscom Federal Credit Union
Navy Federal Credit Union
New Horizons Credit Union
