Members of the $13.5 billion, 925,000-member BECU who hold a credit card, personal line of credit or auto loan at the credit union might see their interest rates decline this month, the Seattle-based cooperative announced. BECU is slashing rates for members based on good credit scores and credit-related behavior, it said.

"What we do is unique," BECU Senior Vice President of Member Channels and Service Delivery Doug Marshall said. "Most financial institutions are in the business of making money and reporting to shareholders – higher interest rates factor into that. We are not-for-profit, so our focus is on what is best for the members. Having a lower interest rate means they pay less and can financially do more. With the current rate drop alone, we will save our members approximately $2.8 million dollars."

BECU representative Todd Pietzsch explained that in lieu of handing out year-end dividends, the credit union prefers to return value to members in the form of additional products and services such as mobile banking, lower-cost loans and higher interest rates on savings products.