United Way of America hopes to turn the billions of credit- and debit-card transactions made across the U.S. each year into cash for its local affiliates.
By partnering with financial institutions, the new “Pennies for Change” program will allow participating consumers to donate one penny to United Way for each purchase made with a debit or credit card.
Money donated will be used to fund United Way programs in local communities.
If a significant number of banks and consumers participate, the numbers could add up, given that Americans charge about 40 billion purchases to their credit cards each year.
Westchester Federal Credit Union was the first institution to implement the program and 12 others are “charter members” of the effort:
- FORUM Credit Union
- First Federal Bank
- Mutual Federal Savings Bank
- Northeast Credit Union
- Western Reserve Bank
- Superior Federal Credit Union
- The Milford National Bank and Trust Company
- CTCE Federal Credit Union
- Maryland Bank & Trust Company, N.A.
- Flagship Community Bank
- Southwest Community Federal Credit Union
- North Texas Bank, N.A.