Rainy Day Funds for Emergencies

human holding a savings bank in the shape of a pink pig and dropping coins in the bank opening

The unexpected can happen — take some of the sting out of sudden expenses with the help of FECU products and services. Having the right financial tools can really help when you do not have enough cash on hand to cover things such as car repairs, new appliances, or home maintenance without affecting your monthly budget.

Special Club Savings

The expression "save something for a rainy day" means keep something for a future time when it will be needed. Savings accounts are a smart way to help to manage money for an unforeseen circumstances.

Not yet a member?  Join the Credit Union

Repeated Deposits

Start with what you have, no matter how small.  Setting up payroll deductions or automatic transfers into your savings account. How much should I save each month? Use this calculator to compute the monthly deposit amount needed to reach a savings goal. Set up a club account and save for it the easy way.

Federated Insurance Employees can set up deposits directly from payroll: Salary Deduction Form

Overdraft Line of Credit

An overdraft line of credit covers expenses when your checking account runs dry. Instead of charging overdraft fees when your balance goes below $0.00, FECU offers an Overdraft Line of Credit. Overdraft line of credit up to $1,000 is available to members. One of the easiest ways to guarantee pending transactions go through is an overdraft line of credit. 

FECU offers online loan applications: Apply Now

Credit Cards for Emergency Use

If you do not have enough saved up you could end up relying on a credit card or going into debt. When you don’t have the money to pay an unexpected expense like a car issue you have the option to charge the expense to your credit card. The Federated Employees Credit Union VISA® credit card has no annual fees and there is a 25-day grace period on purchases. Low monthly payments means you can pay off the unexpected purchases within your budget.  FECU also offers Balance transfers. Transferring balances from high-rate accounts to your FECU VISA® credit card is an easy way to save money.

Apply for a credit card: VISA┬« Credit Card Application 

Home Equity Loan

A HELOC* is like a credit card that's secured by the equity in your home, and can be a good backup or used with your emergency fund. A Home Equity loan uses the equity in your home to get funds for home renovations, home improvements, college tuition, or whatever life throws at you. A Closed End Home Equity loan is a fixed-rate loan with a set payback term.  The entire loan is disbursed at the time of closing. A Home Equity Line of Credit is a variable rate loan and is a revolving form of credit with a limit that you can borrow up to as you need it.

Complete an FECU Online Loan Application and a loan officer will contact you within 24 hours.


* Some restrictions may apply.  Home Equity loans are available to members who own a home in Minnesota, Arizona, Georgia, Kansas, Missouri, and Indiana.

Published Date:June 01, 2022

Categories: Featured Products and Services