EAST HARTFORD, Conn. – American Eagle Financial Credit Union has named the recipients of nearly $20,000 in donations from its participatory funding program, Cash Back to the Community.
Nonprofit organizations Seniors Job Bank of Greater Hartford in West Hartford, Literacy Volunteers of Greater Hartford in Hartford and Quinnipiac University Dance Marathon in Hamden each received a donation of $6,575 for earning the most votes in AEFCU’s second quarter Cash Back to the Community program. More than 240 organizations were nominated and 4,447 total votes cast from AEFCU members and the general public for this quarterly giving philanthropic effort.
Throughout 2020, AEFCU is donating 1% of its credit and debit card interchange income to three nonprofit and/or 501(c)(3) organizations each quarter through the Cash Back to the Community program. Funding for the program is generated each time its members use an American Eagle Financial Credit Union credit or debit card. At the end of each quarter, one percent of the total interchange income–the fee paid for credit and debit card transactions–is being distributed to the three top qualified nonprofits as voted on by a combination of the CU’s members and the public.
Through the first two quarters of 2020, AEFCU’s Cash Back to the Community program has provided $40,266 to nonprofits statewide.
“Cash Back to the Community has become a very popular and effective way to invite our members and public to play an active role in our philanthropic efforts. The program’s second quarter total votes of 4,447 was 215% higher than the previous quarter. We encourage the public to continue playing an integral role in selecting worthy nonprofits to receive our funding,” said Dean Marchessault, president and chief executive officer of American Eagle Financial Credit Union. “As Connecticut’s largest community-focused credit union, we are always concentrated on making the places where we live and work better, and responding quickly during critical times.”