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MSUFCU members save a million and beat deadline
EAST LANSING, Mich. (4/26/11)--Members of Michigan State University FCU (MSUFCU) beat the deadline for saving $1 million in loan interest by a week in the credit union's One Million Dollar Challenge promotion.
MSUFCU Marketing Manager Julie Rosenthal, left, presents a $500 check to members Robert and Dorothy Hardman after they took part in the credit union’s One Million Dollar Challenge. (Photo provided by the Michigan Credit Union League)
In the promotion, which lasted from Jan. 5 to March 31, the credit union challenged members to save by refinancing their loan and credit card balances from other financial institutions with MSUFCU, the credit union reported to the Michigan Credit Union League. Members exceeded the goal and saved nearly $1.1 million on about $7 million worth of loans (Michigan Monitor April 25). Three members who refinanced loans with the credit unions also won a $500 prize. "The One Million Dollar Challenge presented the perfect opportunity for MSUFCU members to establish new, low-rate loans with the credit union without taking on additional debt," said April Clobes, executive vice president of the East Lansing-based credit union. "When we initially set the goal of saving members $1 million in interest in only 72 business days, I was a little hesitant that it could be done. However, we received a great response from our staff, members and the local community, and we're thrilled we were able to surpass our goal and save members so much money," Clobes told the league.


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