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Veterans Family Fund CD helps veterans CUs participate
TACOMA, Wash. (12/6/07)--So far, two credit unions in the Northwest are involved in a program that allows participants who invest in a certificate of deposit to send part of their earnings to help war veterans and their families. Two Tacoma based credit unions--the $586 million asset Harborstone CU, and the Tacoma branch of the $242 million asset, Fort Lewis-based America’s CU--are two of 11 state financial institutions participating in the fund. The Veteran’s Family Fund certificate of deposit program was launched Wednesday at the Greater Tacoma Convention and Trade Center. The fund is the brainchild of Jane Jacobsen, a Vancouver, Wash. executive director of the Confluence Project--which places public art in the regional area (The News Tribune Dec. 4). The way the program works is: participants invest a minimum of $100 in a six-month CD. When the certificate matures, they keep half the interest, and the other half goes into a fund to help Afghanistan and Iraq veterans and their families who are experiencing financial hardships. The program needed the infrastructure to distribute the funds and a way to promote it statewide, so John Lee, director of the Washington State Department of Veterans Affair, agreed to help. The program organizers hope the fund will have $300 million in deposits by the 2008 and to eventually have a credit union or financial institution in every community in the state participating in the program.
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