ISELIN – Indus American Bank (IAB) recently launched a “Community Partnership Program” designed to help organizations raise funds to benefit community members they serve.
“We are very excited about our new Community Partnership Program,” said Keith Van Saders, CFO and Acting President & CEO at Indus American Bank. “We feel it is a unique way to bring members of the community, and area organizations together in order to strengthen each other’s financial future.”
IAB makes an annual contribution to each of the member organizations at the end of each anniversary of their respective enrollment date. This contribution is based on the number of their members who bank with Indus American Bank, as well as the average daily balances in each of their eligible accounts.
In order to be eligible for the annual contribution, a minimum of 25 members of the organization must maintain personal accounts with IAB and designate these accounts to be a part of IAB’s “Community Partnership Program”. Eligible accounts include Savings, Money Market and/or Checking accounts. Individuals who already have their personal accounts with IAB can designate the existing accounts for the program.
Organizations that satisfy the minimum individual enrollment, at the time of their enrollment anniversary date, will receive a contribution that is calculated at an annual rate of 0.25% of the average daily balances in the eligible accounts with a minimum of a $500.00 and a maximum of $5,000 per year.
Indus American Bank will offer $25 to each individual within a member organization who opens a new personal checking account under the program. Only organizations that are registered non-profit and are based in the community served by the bank are eligible to join at bank’s discretion.
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