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Ed Ablard Advocates for Veterans
By Anne Li on 04/13/2011 @ 10:30 AM
It is exciting to learn that Ed Ablard's advocacy with Pentagon Federal Credit Union, which has a branch right at the Veterans Administration Medical Center here in Washington, DC, may have resulted in a policy whereby the PFCU will now open an account for a veteran even without an initial deposit. The credit union manager told Ed that she has personally witnessed the problems of unbanked veterans receiving and quickly spending benefits and other payments, and that made her open to working with Ed to find a solution. On a recent visit with another veteran, an account was opened without a hitch. This is a first step toward enabling an unbanked, homeless veteran to be able to receive payments with a degree of security and with a greater chance of saving for future needs.
Ed, a CFED Innovative Idea Engineer who is a practicing attorney who does a lot of pro bono work, receives referrals of homeless veterans from a faith community-based meals program. He will personally introduce potential clients to the credit union. Over time, he hopes to gain a base of ‘banking the unbanked’ experience to share with others who are also concerned about veterans’ welfare.
Ed also continues to work on the development of a trust instrument that would create greater financial security to veterans. He reports that recent cases he has handled show the barriers to transferring assets to a trust from insurance and employment annuities. These barriers negatively impact families of pensioners of modest means who would benefit from the control of the flow of proceeds from the annuities implicit in a trust instrument.
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