Emergency Savings Program

Relatively small, unexpected expenses, such as a car repair or a modest medical bill, can be a hardship for many families. Community First Federal Credit Union promotes financial importance within our communities and wants to assist our membership in handling unexpected expenses by building a savings habit.

It is our goal to help our members in this program to achieve an Emergency Savings of $400.

Examples of emergencies include: a sudden illness or accident, unexpected job loss, home and auto repairs, veterinary/medical/dental expenses. Emergencies, by their nature, are unpredictable. 

Last November, 32% of Americans said they were ill-equipped to cover a $400 emergency expense. But this year, that number has risen to 49%, according to a YouGov survey for the Economic Security Project conducted online between May 20-23, 2022.

The amount of money you should have in your emergency fund will depend on your monthly expenses. Financial experts recommend saving up three to six months’ worth of necessary expenses.

  • Must be a current member of Community First Federal Credit Union.
  • Must have direct deposit of your income source to Community First Account.
  • Your personal contribution to your emergency fund must be linked to your income’s direct deposit. Contribution amount is based on deposit frequency:
    • $3.85/week
    • $7.69/bi-weekly
    • 16.67/month
  • Must be willing to work with a financial coach via in-person or online once monthly, provide access to financial information, and sign a coaching agreement
  • Provide feedback and complete a short survey at the beginning and end of the program period.
  • Each month, Community First Federal Credit Union will match deposit $16.67 for all current participants. After a time period of one year, Community First will have deposited $200 into participants Emergency Savings.
  • Participants are allowed to take one withdrawal per calendar year, should the need arise. If a withdrawal occurs, participants will forfeit that month’s Community First match amount of $16.67.
  • Should participants need to take a second withdrawal within the same calendar year, their emergency fund account will be closed, and the remaining matching contributions will stop. The member will no longer be eligible for the program.
Apply Here