Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
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.


RSS print
News Now LiveWire
Even 1 step makes a difference in preparing for disasters #creditunions #NewsNow http://t.co/eFUmMJnIwA
10 hours ago
From today's @USATODAY front page, a shout out to #CreditUnions courtesy of @CUNA http://t.co/881vLPeECN
11 hours ago
Happy anniversary to the ATM! 45 years of self-service cash HT @GOBankingRates http://t.co/ycsm3GFwk5
13 hours ago
.@USATODAY print edition features #creditunion membership march to #100mm. Zoom in on lower left hand corner #NewsNow http://t.co/Xv8fyX7ces
13 hours ago
No special assessment for ASI member #creditunions in 2014. See #NewsNow http://t.co/NwL9eJwbiQ
14 hours ago