Members of Michigan State University Federal Credit Union recently refinanced $9.6 million in loan and credit card balances, surpassing a goal set by the cooperative.
The $2.25 billion credit union ran its One Million Dollar Challenge promotion from Jan. 3 to March 31 with the goal of saving members $1 million in loan interest during the three-month period.
Bringing their loan and credit card balance over from financial institutions, members actually saved more than $1.3 million, according to MSUFCU. Three members who refinanced loans with MSUFCU during the promotion won additional cash prizes.
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