Jeanne D’Arc Credit Union launches EmergeStrong Account to support employees’ financial resilience
LOWELL, MA (April 18, 2024) — Mark S. Cochran, President and Chief Executive Officer of Jeanne D’Arc Credit Union, recently announced an innovative employee benefit with the creation of an employee EmergeStrong Account.
Recent data from the Federal Reserve’s Economic Well-Being Survey of U.S. Households (May 2022-May 2023) highlights a concerning statistic: 37% of Americans lack the financial means to cover a $400 emergency expense.
“No one is immune to unexpected financial challenges, and there’s no shame in needing support during such times,” said Cochran.
In a proactive move to assist its employees, the Executive Team established the EmergeStrong Account. This 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, thereby initiating an 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.
“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,” said Cochran. “By ensuring our team’s financial security, we equip them to better serve the financial well-being of our members.”
About Jeanne D’Arc Credit Union
Jeanne D’Arc Credit Union was established in 1912 and is a full-service, community-based financial cooperative. Locally owned by 100,000 members with $2.1 billion in assets, Jeanne D’Arc operates eight full-service branches in Lowell, Dracut (2), Tyngsboro, Chelmsford, Methuen, and Westford, Massachusetts, and Nashua, New Hampshire; high-school branches at Lowell High, Dracut High, and Nashua High School South; a loan center in Lowell; and a mortgage center in Chelmsford. Follow Jeanne D’Arc on Facebook, Instagram, and LinkedIn.
