Educational Systems Federal Credit Union wins the Louise Herring Philosophy-in-Action Award
GREENBELT, MD (June 20, 2016) — Educational Systems Federal Credit Union was named the 2016 Credit Union National Association (CUNA) Louise Herring Philosophy-in-Action Member Service Award Winner for Maryland by the MD|DC Credit Union Association for its Summer Pay account. The Summer Pay account helps members of the education community save for the summer months when they don’t receive a regular paycheck.
Nearly a decade ago, the Summer Pay account was created when a local school system asked Educational Systems FCU to help its employees save for the summer months. The Summer Pay account helps members save regularly during the school year through direct deposit. In the summer, the money is automatically distributed to a regular savings or checking account every two weeks in July and August just like a regular paycheck. Today, the Summer Pay account is available to all seven school systems and three community colleges the Credit Union serves and features an attractive rate rewarding members who save regularly. During the 2015-2016 school year, Educational Systems FCU helped members of the education community save nearly $12 million.
“Our core purpose is serving the education community,” said Chris Conway, President/CEO of Educational Systems FCU. “Not only do we support education through sponsorships, volunteerism, and charitable giving, but we also provide unique products and services that make a difference in the financial lives of the education community.”
Each year, CUNA presents the Louise Herring Philosophy-in-Action Member Service Award to honor and recognize programs and services that benefit the membership and demonstrate the credit union philosophy of people-helping-people. Louise Herring was an active supporter, organizer and champion of credit unions. During the 1934 national credit union conference in Estes Park, CO, she was the Ohio delegate and signed the original constitution for the National Credit Union Association. Louise believed that credit unions should work in a practical manner to better people’s lives. She saw the credit union as more than just a financial institution. In her own words, “the purpose of the credit union is to reform the financial system so that everyone can have his place in the sun.”
About Educational Systems Federal Credit Union
Educational Systems FCU has proudly served the education community for over 65 years. With over $1.2 billion in assets and 13 branches, the Credit Union serves 85,000 members in eight school systems and three community colleges throughout Anne Arundel, Calvert, Caroline, Charles, Montgomery, Prince George's, St. Mary's and Talbot counties. For more information, visit esfcu.org.