TINTON FALLS, N.J. (7/16/12)--For the second consecutive summer, United Teletech Financial FCU is challenging its members to save a million dollars and help out local charities.
United Teletech Financial FCU, Tinton Falls, N.J., is offering members opportunities to save on interest and redirect the savings back to their community, according to the New Jersey Credit Union League (The Daily Exchange July 13).
The $306 million asset credit union said members can reduce interest rates on their mortgages and credit cards.
When the community has saved a million dollars in interest, the credit union will donate to four local charities. Upon the closing of a qualified loan, members select participating charity will receive their donation.
Donations are based on a percentage of total interest saved. The public can also vote for a People's Choice winner. The charity that receives the most votes for People's Choice will receive an additional $500 donation from the credit union.
The four charities receiving donations are Big Brothers Big Sisters of Monmouth and Middlesex Counties, Clean Ocean Action, FoodBank of Monmouth and Ocean Counties and The Salvation Army-Red Bank Corps.
"Knowing we are helping individuals save money and reduce debt is great, but it's even better knowing that we are able to contribute to such worthwhile charities," said Leo Ardine, United Teletech Financial CEO.
Members can also do something for themselves through the challenge, Ardine added. "This challenge goes beyond saving money on interest expense to teach individuals how to be more financially responsible," he said.
The Second Annual Million Dollar Community Challenge will run through Sept. 29. Last year the community saved more than $1.8 million in loan interest through the initiative, and the credit union donated $13,000 to participating charities.