Using an internally developed software tool, the $3.1 billion Mountain America Credit Union of West Jordan, Utah, said it has helped members save nearly $7 million by converting their high-interest debt into low-interest loans.
The tool, named Value Analyzer, was used at Mountain America branches from April to July to show members how much money they could save through low-interest refinancing or consolidating loans.
For example, one couple inquired about refinancing their mortgage and an RV loan from another local financial institution. Using the Value Analyzer, the credit union showed the couple that they could save nearly $60,000 in interest payments by refinancing the loans with a lower interest rate and pay off the debt faster, according to Mountain America.
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