Help On The Homefront

Relocations are a reality for hundreds of thousands of Americans every year, from military personnel on a permanent change of station (PCS) to corporate professionals relocating for their civilian jobs. And along with these career moves come the challenge of moving everything from furniture to finances.

According to the Department of Defense, approximately 400,000 military personnel PCS every year. On the civilian side, approximately 11% of Americans move every year for job-related reasons, according to World Metrics; 75% of those relocations are employer-initiated.

As trusted financial partners, Service Credit Union ($5.6B, Portsmouth, NH) and BCU ($5.9B, Vernon Hills, IL) strive to provide a holistic approach to moving, with targeted loan programs and financial education to help military families avoid loan traps.

Smoother PCS Transitions

Formed in 1957 to serve what is now Pease Air National Guard Base, Service Credit Union still boasts 37% of its 338,000 members as active-duty military, veterans, and their families, primarily from the Air Force and Army.

“We understand how frequent moves can impact financial wellness,” says Tye Jacobson, vice president of overseas operations at Service, which has 54 branches, including 14 in Germany.

Its relocation loan, a flagship offering, provides up to $3,000 for PCS-related expenses such as housing deposits, secondary vehicles, and relocation fees that military reimbursements might fail to cover.

Military relocation loans offer a low-interest, accessible alternative to predatory loans that can entrap service members in costly cycles of debt.

“Our loan gives military members a reliable option during transitions, allowing them to avoid risky lenders so they can better focus on their mission,” says Jacobson, a veteran of 28 years with New Hampshire’s largest credit union.

Money In Minutes. Members For A Lifetime.

When it comes to applying for the loan, approvals often take just minutes. An online PCS checklist and in-branch support also drive home the message that Service Credit Union is committed to making relocation stress-free.

In addition to relocation support, Service provides financial planning and budgeting resources, including educational tools and one-on-one counseling for critical topics such as managing moving expenses and building a savings for long-term goals.

“The biggest ‘to-do’ is to ensure loan products genuinely meet members’ needs,” Jacobson says. “Our role is to provide stability during the uncertainty of relocations, supporting both financial resilience and connection within our community.”

Long-term engagement is also a benefit for both sides of the relationship. By offering access to responsible, affordable PCS loans and ongoing education, Service strives to earn the trust of a lifelong member while helping them safeguard their financial wellbeing.

What Can You Learn From Like-Minded Leaders? Credit unions are responding to the evolving needs of members with a variety of products and services, including relocation assistance. What’s more, they are using expertise from one another to do so. Callahan Roundtables put leaders in the same room to share solutions, solicit feedback, pose questions, and more. Inspiration is a Roundtable away. Learn more today.

Full-Service Support For Corporate Relocations

BCU rolled out its relocation program to serve employees of healthcare equipment leader Baxter International but now helps corporate employees at nearly a dozen Fortune 100 companies, including through BCU’s own Target Credit Union division.

“Relocation is more than moving expenses,” says Joe McCarthy, BCU’s vice president of real estate lending. “It’s making sure our members have a financial roadmap for the future.”

With 35 years of lending experience, McCarthy oversees BCU’s relocation program, which includes a specialized team of lenders and certified relocation professionals (CRPs). It also maintains a robust relocation resource page.

“We support members with an understanding of the relocation landscape,” McCarthy says. “BCU’s team structure means continuity and specialized support for relocating members.”

The cooperative’s relocation program offers creative financing options such as bridge loans, jumbo loans, and other customized products. For example, working in partnership with the employers, BCU offers perks such as reduced closing costs and direct billing to corporate partners for relocation expenses such as real estate agent and appraisal fees.

The Benefit Behind Relocation

Support from programs like relocation loans pulls down the member’s out-of-pocket costs, thereby softening the financial burden of relocating.

“With every interaction we make the relocation financing experience more approachable, more dependable, and less stressful for our members,” McCarthy says.

The credit union has members in all 50 states and abroad, and its Global Client Service Program supports international relocations by helping to ensure foreign transferees can build a U.S.-based banking and credit profile with minimal barriers.

When it comes to long-term engagement and support, BCU, like Service, prioritizes education and support in relocation services that extend beyond loans, savings, and checking. Along with working directly with the credit union’s CRPs, members can take advantage of webinars, on-site presentations, and digital tools that include valuable tips on how to navigate moving challenges.

According to McCarthy, these resources help members achieve a successful relocation experience and build a foundation for ongoing financial wellness.