| An innovative new program, the Veterans Family Fund draws on the legacy of World War II bonds, but responds to the current situation. Many U.S. veterans face many challenges upon returning from Iraq or Afghanistan. Federal benefit programs don’t cover every need and are not designed to help families. Consider, in World War II there were two injuries for every fatality. In Korea and Vietnam that ratio was three to one. In Iraq, 16 soldiers are wounded for everyone who dies. The bottom-line tally for this global war on terror will continue to increase.
The Veterans Family Fund CD is an insured account that benefits military veterans and their families, providing a tangible way for everyone, regardless of political preference, to help veterans whose lives and loved ones have been affected by the conflict.
The CDs are six-month savings instruments that are sold through participating financial institutions and pay competitive interest rates. How it works:
- Invest a minimum of $100 (no maximum) in a Veterans Family Fund CD. The term is for six months.
- Sign the agreement authorizing your bank or credit union to forward one-half of the interest earned, at maturity, to the Veterans Family Fund as a donation to veterans and their families in need.
- At the end of six months, you’ll receive half of the interest, and a receipt for your tax-deductible donation.
- At the end of the year, your bank or credit union will send you and the IRS a statement for the full amount of the interest earned, as with any other CD.
Veterans and their families in need will receive nearly 100 percent of donated funds. Participating financial institutions supplemented by public and private grants will underwrite most administrative costs.
All veterans of U.S. military service and their families are eligible and may apply for aid. Veterans Family Fund of America works with the veterans network in the state of Washington to identify needs and recommend funding.
Currently, Columbia Bank, with offices located in Port Orchard and Gig Harbor and Venture Bank in Gig Harbor are participating institutions offering Veterans Family Fund CDs.
For more information visit the website at www.veteransfamilyfund.org.
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