A Wisconsin credit union has set a goal to help 5,500 members save $25 million by year's end by refinancing outside loans.
Last year more than 1,900 Educators Credit Union members saved $35.9 million, or about $19,000 each, in the first year of its Lending a Hand program. Most of the refinanced loans were for cars or credit cards.
This year it hopes to reach more than twice as many members, saving them an average of about $4,500 each. The savings-per-member target is smaller than 2016 because of many of the best one-time gains were realized by members last year, said Bradly Ford, a spokesman for Racine, Wis.-based Educators ($1.7 billion in assets, 146,050 members).
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Educators uses the program to encourage members to come into a branch and go over a free credit report to learn whether Educators can save them money on interest from an outside loan, and, if so, how much they can save over the life of the loan. Members can also get a $25 bonus if they refer a friend who refinances a non-Educators loan or credit card with the credit union.
CEO Linda Hoover said the program fits Educators' mission to provide financial education, service and support to its members throughout southeastern Wisconsin.
"Since we are a not-for-profit financial cooperative, we aim to help our members save the most. Our Lending a Hand program is designed to do just this," she said.
Hoover was appointed CEO following the death last December of CEO Eugene Szymczak.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
