During the past year, eight credit unions across the country have helped members to save more than $8.3 million in interest savings while also supporting local charities by participating in the Community Challenge program.
The interest-savings and charitable-giving campaign is designed to help members save money by consolidating or refinancing current loans that are with other financial institutions, Dan Altenbernd, COO of MemberTree Consultancy, said. The firm is a division of Fargo, N.D.-based H2M, which oversees the program.
To develop the program, MemberTree partnered with the $317 million United Teletech Financial Federal Credit Union in Tinton Falls, N.J. The community-wide program has an interest savings goal, which when achieved, triggers a predetermined donation to local charities by each credit union.
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