Rainy Day Funds for Emergencies

Start a rainy day fund for when the unexpected happens. Having the right FECU products and services can help when you do not have enough cash on hand to cover expenses for unplanned car repairs, home maintenance, or other emergencies. 

Choice Savings^SM 

The Choice Savings account has no minimum balance requirement and no withdrawal penalty so funds can be used whenever emergencies arise. Opening one or multiple Choice Savings accounts with optional personalized nicknames provides a way to organize and budget for all your savings goals and expenses. 

Automatic Deposits into Savings Accounts

Making deposits into the savings account on a regular basis helps achieve a savings goal. Use this financial calculator to compute the monthly deposit amount needed to reach a savings goal or simply start with what fits your budget. Setting up payroll deductions and automatic transfers into the account can be done at any time.

Cover Expenses with an Overdraft Line of Credit 

One of the easiest ways to guarantee unexpected payments go through is with an overdraft line of credit. The overdraft line of credit covers expenses when your checking account balance goes below $0.00 without charging overdraft fees. An Overdraft line of credit up to $1,000 is available to qualifying members by filling out the online loan application: Apply for a Loan

Credit Cards for Emergency Use

A credit card can help cover costs you weren't prepared for or if you do not have enough saved up. 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 and pay for it over time. The VISA^® credit card has no annual fees and the low interest rate means you can pay for unexpected purchases within your budget. 

Because FECU offers a lower interest rate and better terms than other credit cards members can take advantage of Credit Card Balance Transfers. This is a great option for paying off a balance on a high-interest credit card. The most important principle of using a credit cards in an emergency is to always pay your bill on time. 

Borrow Money with a Home Equity 

Home Equity* is a second mortgage and gives you access to funds using equity in your home and can be a vital partner for an emergency fund. 

• Closed-End Home Equity loans are fixed-rate loans with a set payback term. The entire loan is disbursed at the time of closing. 
• Home Equity Line of Credit provides access to funds as you need to use it and have a variable interest rate applied the revolving credit line.

Apply for a Loan in just minutes with our online application process, 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.