The $317 million, 22,500-member United Teletech Financial Federal Credit Union in Tinton Falls, N.J., is launching its third-annual Million Dollar Community Challenge, a campaign aimed at helping members save at least $1 million in interest expense, while the credit union donates to local charities based on those savings.
During the first two years of UTF'sCommunityChallenge, members saved more than $3.6 million in interest expense, and more than $31,000 was donated to charities, the credit union said.
While UTF is in its third year of the challenge, many other credit unions throughout the country are beginning to launch their own Community Challenge campaigns with the help of UTF and their partner agency MemberTree Consultancy, the New Jersey credit union said.
MemberTree, a credit union-focused marketing company, worked with UTF to develop the original Community Challenge program.
"We wanted to share the success we had with this campaign with credit unions in other areas for the good of their members and communities," said Ron Amar, marketing and & community relations manager at UTF.
The Community Challenge program's goal is to encourage communities to save a designated amount in loan interest within a certain timeframe. Community members save money when they refinance a loan with the participating credit union. After the savings goal is reached, the credit union donates a lump sum to chosen local charities.
"The goal of the Challenge is to help credit unions' members become more financially stable by helping reduce interest expense, while also encouraging community involvement through the charitable aspect," Amar said. "Helping people and giving back to our communities is what a credit union is all about."
Information about starting is Community Challenge campaign is online.
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