A Washington, D.C., credit union is paying in scholarships itsmembers who invest in CDs.
|The $81 million TEFCU said it created the FUSE (Funding UrStudent's Education) CD as a way for parents and other relatives orguardians to also invest in the future of young people.
|Instead of fully funding the CD from the outset, contributionscan be made weekly, bi-weekly or monthly, and the 16,000-memberTEFCU said $365,000 had been committed by the end of August.
|That will result in $36,500 in scholarships when the CDs mature,said TEFCU President/CEO Rita Smith. Multiple CD accounts can becreated for each student and the CDs can be renewed for a five-yearterm after their maturity.
|TEFCU staff presented the FUSE CD program to area schools duringback-to-school nights this year, the CU said.
|TEFCU also advertises access to CUStudent Choice loans on its website.
|TEFCU said it also works with students at a student-run branchit opened in October 2009 at Crossland High School and Pathway inTemple Hills, Md.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
