About the Rainy Day Savings Program

There will be 3 in-person Welcome Sessions. There will be one Welcome Session held in the North, Central, and South regions.

• Monday, February 5th 4:00-5:30pm (TBD Campus Location)
• Thursday, February 8th 4:00-5:30pm (TBD Campus Location)
• Thursday, February 15th 3:30pm (TBD Campus Location)

Attending a Welcome Session is a program requirement. If these don’t work for you, we recommend you consider Fall 2024 as different days and times will be made available.

The Welcome Session will be lead by Caroline Hoang, who coordinates the Rainy Day Savings Program, and loves helping students establish emergency savings. During the 1-hour Welcome Session you will:

1. Complete your UFCU application to open your savings account. (You will need your government ID, driver’s license, or passport to complete this application)
2. Explore and complete one module on ACC’s Financial Education platform, iGrad.

The Rainy Day Savings Summit is a 60-minute virtual group discussion involving program participants, led by Caroline. During this time, the group will engage in conversations about saving, budgeting, and goal-setting. It provides a chance for participants to learn from one another, share experiences, and exchange tips on their current monthly saving practices. Recognizing that discussing finances can be anxiety-inducing, the goal of the Rainy Day Saving Summit is to create a comfortable space for students to openly talk about money.

You can expect to receive your $200 deposit by June 2024. As a reminder, you will be eligible to receive your $200 deposit, when you:

1. Have attended and participated in one Welcome Session
2. Have successfully opened an account at UFCU (see “What will we do in the Welcome Session?”)
3. Established direct deposit into your new UFCU account by the end of the program date.
4. Complete the required modules on iGrad
5. Attend at least one Rainy Day Savings Summit
6. Schedule and attend a financial coaching session with our partners at Foundation Communities. Both online and in-person options are available.

No, you cannot use an account from another bank or credit union. Only the account we open with you at UFCU is eligible for this program. Here are more details about UFCU’s savings accounts.

We will help you open the account during your Welcome Session. To open your account, you’ll need one form of unexpired photo identification (examples: drivers license, state ID, passport).

Yes, for the purposes of the Rainy Day Savings Program, we will open a new account for you at UFCU. If you have other accounts at UFCU, this newly established account will appear alongside your existing accounts.

No! UFCU has agreed to provide the $5 opening deposit for our Rainy Day Savers. You do, however, need to make at least one deposit into your newly established account within 30 days of opening the account.

To open your account, you’ll need one form of unexpired photo identification (examples: drivers license, state ID, passport). You do not need to make an opening deposit. UFCU has agreed to provide the $5 opening deposit for our Rainy Day Savers.

Your new UFCU account will have no monthly fees.

Yes, your new UFCU account will earn a small amount of interest. We understand that some cultures do not permit earning interest. If this applies to you, we will work with you to ensure you have an account established that does not earn interest. Just let us know, and we can help get that set up for you.

You must maintain a balance of at least $5 in your account to keep it open.

Once your account is open at UFCU it’s time to start saving! You can make deposits into your UFCU account online, in person at any UFCU branch, or at shared-branch credit unions. Your financial coach can help you set up a savings plan so you reach your savings goal.

You must maintain a balance of at least $5 in your account to keep it open.

There are some instances when students are not able to open accounts at UFCU, usually due to a past-due debt owed to UFCU or another credit union. We suggest students try to open account. If their account application is denied, the student may be able to work with UFCU to resolve the debt and regain the ability to open an account.

The money in the account, including money you’ve deposited and cash incentive you’ve earned, can be used when you have a financial emergency. You may withdraw and use your funds at any time. We will never prohibit you from withdrawing your funds; however, we appreciate it when students let us know before they make a withdrawal. Many times there are other ways we can help you meet your financial emergency while preserving the money you have worked so hard to save!