Claim Your
Savings Incentive!
How It Works
Get Your Savings Incentive
After you pay off your loan, CBC Federal Credit Union will provide you with a savings incentive bonus equal to 10% of your original loan amount. Your savings incentive bonus will be deposited directly into your savings account.
For example, if your loan was $1500, you will receive a $150 bonus.
Step 1: Confirm Eligibility
To receive a Savings Incentive you must:
- Pay off your Impact Loan in full no more than 3 months past your original pay-off date.
- You still meet the same eligibility requirements as when you applied for your loan. Ex. Affiliated with the same organization that provided your loan.
- You must have a savings account.
- Apply and receive your bonus before applying for another loan.
Step 2: Save 10% into Your Savings Account
Please note: Step 2 needs to be completed within 90 days of paying off your loan.
- Save at least 10% of your original loan amount into a savings account. Ex. If you had a $1000 loan, you will need to save at least $100 in your account.
- A savings account is required to receive your bonus. If you don’t have a savings account, we invite you to open one with us at CBC FCU.
- Once the required 10% is saved follow the directions in Step 3.
Step 3: Set up your Zelle account & Submit your Application
You can receive your bonus via Zelle or mailed check.
If you plan to use Zelle, you must set up your account BEFORE submitting your application and have your account information on hand.
Note: As part of your application you will be required to upload a copy of your Savings Account statement which shows your balance as proof that you met the 10% savings requirement.
Use the link below to submit your application.
Step 4: Receive Your Bonus
Once your application is approved, we will disburse your Savings Incentive Bonus equal to 10% of your original loan amount. Ex. If your original loan amount was $1000, you were required to save at least $100 and you will receive a $100 bonus.
Congratulations! You are well on your way to growing your emergency savings fund.
Congratulations! You are well on your way to growing your emergency savings fund.
Congratulations on building an emergency fund!
This is the first major step toward financial well-being. In order to receive your savings incentive, please fill out the form below and upload a copy of your bank statement that verifies the required 10% of loan amount saved.
Our team will review and once approved we will send you a payment directly to your account for any savings incentive that you have earned. If you have any questions please don’t hesitate to contact us at loans@communityimpactfund.org