'Portfolio' Tailored To FOM
CHANTILLY, Va.-After a hard day at the office or in the field, Justice FCU doesn't want its members fretting over financial decisions.
That's why it has introduced the Honors Portfolio of Services, a series of product offerings designed for a membership that includes FBI agents and attorneys for the Department of Justice and the Department of Homeland Security.
"I have been down to the (FBI) training center at Quantico (Virginia) many times," said CEO Peter Sainato. "To say the training program these young adults go through is intensive is an understatement. Many of the classes for potential agents start with 50 and end with less than 25. Many endure physically challenging testing."
Attorneys, too, face a very busy and demanding career, said Sainato, who noted that the Honors Portfolio targets new agents, U.S. attorneys, assistant U.S. attorneys, and departmental attorneys. "All are beginning careers that are extremely rigorous. There is no time for them to stop and think about how they will do their banking and obtain all of their key financial services. That is not top of mind with them. For that reason, we put this package together."
The Honors Portfolio includes:
- The Justice National Checking Account, a premier checking account that earns both dividends (.25%) and rewards, with the average daily balance requirement waived for one year.
- A VISA platinum rewards card with an automatic qualification of $5,000.
- A new or used auto loan with 100% financing and an automatic qualification of $25,000.
- A first mortgage loan with a one-time waiver of the loan origination fee up to $3,000. In addition, 1% of the selling commission is rebated to the member when using a designated realty service.
Sainato said he does not expect high auto loan and mortgage balances from those who enroll in the Honors Portfolio. It's too soon to gauge response, the CEO said, since the $500-million JFCU only began promoting the package at the close of the first quarter. Promotion is handled by speaking directly with trainees during their government training courses.
Besides appealing to new agents and attorneys, the Honors Portfolio rates highly with their bosses, which improves JFCU's standing with its primary SEGs, Sainato explained. "It shows that we are a long-term strategic partner."