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First American saves members 90k in Great Rate Challenge
BELOIT, Wis. (1/31/11)--First American CU in Beloit, Wis., helped save members $90,698 in loan interest payments during its first Great Rate Challenge, a program developed to create awareness about the unnecessary costs of high-interest rates. On average, members who participated in the challenge were rewarded with $1,445 in interest savings.
Click to view larger image Jody Gearhart, a Janesville, Wis., branch member of First American CU in Beloit, Wis., won the grand prize--loan interest payments for one year--as part of the credit union’s Great Rate Challenge, developed to create awareness about the unnecessary cost of high-interest rates for loans. (Photo provided by First American CU)
Everyone who qualified for the program could expect to see least a 2% reduction of their high- interest-rate vehicle loans, credit cards and other personal loans transferred from other financial institutions, First American said. “We encouraged area residents to bring in their high-interest loans to the credit union for a consolidated and reduced rate,” explained Ariel Bilskey, First American director of market development. Participating members were able to lock in a rate as low as 3.99% annual percentage rate, which translates into thousands of dollars in anticipated interest payments, the credit union said. Jody Gearhart, a Janesville, Wis., branch member of First American CU, won the grand prize--loan interest payments for one year, along with her anticipated interest savings of nearly $1,500. First American CU is a part of First Community FCU, based in Parchment, Mich.


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