Boiling Springs Savings Bank Passes $3 Million Milestone with Innovative Philanthropic Program - October 25, 2017
Boiling Springs has achieved a major charitable milestone with its popular, award-winning Community Alliance Program (CAP), recently surpassing the impressive $3 million mark in terms of overall donations.
Boiling Springs Savings Bank, which has provided sound financial services to individuals and businesses for nearly 80 years, and grown to become one of northern New Jersey’s largest savings banks, has achieved a major charitable milestone with its popular, award-winning Community Alliance Program (CAP). Offering customers cost-free ways to support their favorite local non-profits, the program recently surpassed the impressive $3 million mark in terms of overall donations.
Boiling Springs Savings Bank’s Community Alliance Program currently involves more than 425 non-profit organizations including schools, libraries, animal shelters, and other civic-minded recreational and entertainment organizations.
The concept is straightforward yet innovative. Non-profit organizations that maintain an address in Bergen, Passaic, Morris, Essex, or Hudson counties simply need to open an account (or have an existing one). Then, those wishing to support these organizations can designate their checking and savings accounts, CDs, IRAs or new loans at Boiling Springs. The qualifying terms are simple: Once an enrolled non-profit has at least 20 designated supporters, Boiling Springs makes quarterly donations based on a percentage of the average daily balances of its supporters' accounts. All donations come directly from the bank and no associated fees are charged to customers or the non-profit organizations.
To help non-profits accrue supporting accounts, the bank supplies marketing materials such as flyers, website copy, social media shares and e-newsletter generation. Boiling Springs also hosts on-site sign-ups on a regular basis.
Aligning with its strong community focus throughout northern New Jersey, the 17-branch bank hopes to encourage more non-profits to join the Community Alliance Program, as it offers cost-free opportunities to earn money and build a support base among both local residents and businesses.
“Our Community Alliance Program is a true win-win-win – for non-profits, banking customers and Boiling Springs as a financial institution,” said Debra Cannariato, First Vice President for Boiling Springs Savings Bank. “We mean what we say about being community bankers, and see true value in actively supporting organizations that enhance the quality of life in communities we serve.”