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Global CU members hit 500K savings goal early
SPOKANE, Wash. (8/26/10)--Global CU in Spokane, Wash., announced Tuesday it has reached its goal to save members a half-million dollars--three months early. The saving total tallies more than $572,799 and represents the savings of 90 members at more than $6,364 per member. How did they save the money? By refinancing at lower interest rates. “We’ve always known that as a credit union we can provide significant saving to consumers,” said Jack Fallis, Global CU president/CEO. “This campaign has helped us show, in real dollars, what a difference membership can make. During a time when many people in our communities continue to struggle with unemployment or reduced income, this difference is more important than ever.” The credit union launched its half-million-dollar savings initiative in June, anticipating it would meet the goal by the end of November. Global CU did not use mass media to promote the initiative. Rather, it relied on employees and volunteers to inform members about the cost of financing and saving by refinancing loans at lower rates, and the importance of credit. Credit card savings were calculated with the Federal Reserve’s Credit Card Repayment Calculator, which assumes the cardholder makes no more charges and pays only the minimum each month. “We know that there are more people who could benefit from refinancing a higher-interest loan,” Fallis said. So, with over three months left in our initial campaign, we’re setting a new goal to save members $1 million by the end November.”


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