The Two Grand Plan concept creates a program that fulfills the demonstrated and growing need for emergency savings. The program assists members with savings earmarked for emergency situations. Members, who participate in the program, are rewarded with access to an affordable rate loan in the event of an emergency during the savings process. The loan amount correlates with the amount of savings at the time of the request. The member sets up a regular savings account with recurring automatic deposits. Members must abide by specific withdrawal scenarios designated by the credit union to discourage any unsubstantiated or frivolous withdrawals and to encourage changes in behavior. If the member chooses to withdraw their money outside of these parameters, they are no longer eligible for the affordable rate loan benefit. If the member has an emergency need during the course of the savings program, the affordable rate loan is available so that their savings program is not interrupted. A separate payment plan is established to pay back the emergency loan.
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