FOR IMMEDIATE RELEASE

San Diego, Calif., February 25, 2007– USA Federal Credit Union joins a national effort today called “America Saves and Military Saves Week.” This campaign, in its 6th year, boasts over 1,000 local, state and national organizations which have encouraged over 65,000 people to enroll as American savers.

“American savings rates are at historic lows but the need for financial goal setting has never been greater,” said Mary Cunningham, President/CEO of USA Federal Credit Union, “America Saves is a wonderful program to encourage everyone to begin building wealth.”

Individuals and families can join by registering their savings or debt reduction goal online at the USA Federal Credit Union website. (http://www.usafedcu.org/) Just click on the “Build Wealth Not Debt” button and follow the directions to the national “America Saves” program! You set your goal and how you want to get there.

Existing members of USA are encouraged to visit their nearest branch to open a Holiday Club account and then go to our Home Page and enroll at America Saves or Military Saves to register their savings plan. The Holiday Club account can be opened with as little as $20, making it an affordable way to get started! More Info >

“For military families, there is an added benefit,” Cunningham added, “When you join, you’ll receive an email confirming your savings plan, and a free ‘American Saver’ newsletter (by email) four times a year. From time to time you may get an email with news of a free seminar offered by DOD or one of the military services, or you may be invited to enter a contest or submit your story for the newsletter or a special event.”

The America Saves program is widely supported nationally and by the Department of Defense. “We call upon all Americans to save for a goal of their choice and to develop a plan to achieve that goal,” says Steve Brobeck, Executive Director, Consumer Federation of America. The Consumer Federation of America, is a Military Saves’ non-profit sponsor and publishes the American Saver newsletter four times a year.

“We equate financial readiness to mission readiness,” Lesyle A. Arsht, Deputy Undersecretary, Military Community and Family Policy at the Department of Defense, “This week is a great time to focus on financial readiness – it will be followed by 51 other weeks to ensure we are constantly focused on financial success. The DoD is educating and counseling military members and their families on how to proactively manage their finances – to encourage saving and reducing debt – as a way of life.”

“The Board of Governors of the Federal Reserve System congratulates America Saves on its success in promoting household saving as evidence of their successful enrollment of over 50,000 savers,” Ben Bernanke, Chairman, Federal Reserve System. Here are the results of the Federal Reserve’s study on how to best achieve your savings goals:

• Have a reason to save. Households that had an identifiable goal for saving were more likely to have financial assets and to have higher levels of financial assets. Setting a goal is an important part of a saving strategy.
• Think ahead, plan ahead. Households that expected a major expense in the next five years were more likely to have financial assets and to have higher levels of assets. Looking into the future can be an important motivational tool to help families anticipate and be prepared for future expenses.
• Develop a savings habit. Households reporting that they “usually” saved were more likely to have financial assets and to have higher levels of assets. Developing the habit of savings takes time, but it appears to have persistence and payoffs. Many financial educators have developed lists of tips and tricks for saving that work, the most common being “pay yourself first.”
• Make savings automatic. Households that reported having a savings strategy were more likely to have financial assets and more assets than their counterparts. Automating savings via payroll deduction or automatic transfers into a saving account is one strategy that may help some low-income households.

     Founded in 1953 at the Naval Training Center in San Diego, USA Federal offers a full range of financial services, including business services and consumer savings, checking, mortgage and home equity loans, auto loans, debit and credit cards, share term certificates, IRAs and a 24-hour phone center.
     Online services include eStatements, QuickConnect Online and Bill Pay, as well as online loan applications and approval. Additional services include the BALANCE financial fitness program and investment and retirement planning offered by MEMBERS Financial Services.
     With more than 59,000 members and over $700 million in assets, USA Federal Credit Union operates 22 branches, including locations in San Diego and Riverside Counties, Las Vegas, Japan and Korea. Members of the non-profit financial cooperative include the military, civilians and select employee groups.
     USA Federal Credit Union is federally insured by the National Credit Union Administration. For more information, call (800) 220-1USA or visit www.USAFedCU.org.

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Note: USA Federal maintains the above information for archival purposes, which is presumed accurate upon release, however, data may become outdated over time and affect accuracy.