LOWELL, Mass.–Jeanne D’Arc Credit Union said it has introduced an innovative employee benefit with a new employee EmergeStrong Account.
According to the credit union, the initiative aims to empower employees by helping them establish a financial safety net to address unforeseen expenses. To enroll, all full and part-time employees who deposited $100 into their EmergeStrong account by mid-March received a one-time $400 deposit from the credit union, for a total emergency fund of $500.
Additionally, incentives were provided for limited part-time employees. The EmergeStrong Account is an interest-bearing account with no penalties or constraints on withdrawals, Jeanne D’Arc said.
In announcing its new benefit, the credit union cited recent data from the Federal Reserve’s Economic Well-Being Survey of U.S. Households (May 2022-May 2023), which found 37% of Americans lack the financial means to cover a $400 emergency expense.
‘No One is Immune’
“No one is immune to unexpected financial challenges, and there's no shame in needing support during such times,” said CEO Mark Cochran. “Our goal is to improve the financial resilience of our employees in the face of economic adversity, and help them emerge stronger from that challenge. By ensuring our team's financial security, we equip them to better serve the financial well-being of our members."
Other CUs have also recently announced emergency savings accounts for their employees, including Meritrust (more info here) and Securityplus FCU (more info here).
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