Member News: Here’s What’s Happening in Northwest Credit Unions
BECU offers lower interest rates to members to encourage healthy financial habits; iQ Credit Union raises $63,000 to support Credit Unions for Kids; First Tech expands partnership with CO-OP Financial Services.
BECU Offers Lower Interest Rates to Members to Encourage Healthy Financial Habits
Thanks to efforts to improve their credit scores and make timely payments, more than 45,000 BECU members received lower interest rates last month on their BECU loans, totaling an estimated return of more than $3.6 million. Over the past 13 years, the credit union’s loan reprice program has saved its members more than $14.7 million.
BECU’s reprice program is designed to reward members who have shown responsible use of credit. BECU evaluates the credit score and payment history of each member with a credit card, line of credit (LOC), personal loan, auto, boat or RV loan, lowering rates for those who have made sufficient credit score improvements. Rates are not negatively adjusted for members whose credit scores have decreased.
“As a member-owned cooperative, one of BECU’s core values is to ‘do the right thing.’ If our members have taken positive steps to improve their credit score and make timely payments, we feel strongly that if we’re able to, it is only right to automatically reduce their rate,” said Scott Strand, BECU SVP of Lending and Wealth Management. “This is just one way we can say ‘thank you’ to our members, while encouraging positive financial habits.”
iQ Credit Union Raises $63,000 to Support Credit Unions for Kids
iQ Credit Union raised $63,000 to support Doernbecher Children’s Hospital in Portland, OR.
For the fundraising effort, iQ team members participated in a “spirit” week, in which staff dressed up to draw awareness to supporting children’s hospitals and sold balloons for $1 each. In one week, the credit union sold more than 63,000 balloons to business partners, family, friends, and credit union members.
“This kind of giving speaks to the heart of our credit union staff and our intent at iQ to give back to our community, especially our youngest and most vulnerable community members,” said Kelly Schrader, iQ’s CEO and President. “Doernbecher Children’s Hospital has helped many children in our community, including kids of our iQ employee family.”
First Tech Expands Partnership With CO-OP Financial Services
First Tech Federal Credit Union recently expanded its longstanding partnership with CO-OP Financial Services, including contracting for CO-OP Full-Service Credit processing and Member Rewards by CO-OP.
“We chose CO-OP because they are the absolute best financial technology partner to help service our members for both credit and debit payment services in the digital age,” said Terry Rodrick, VP of Cards & Payments with First Tech.
First Tech is also a participant in the CO-OP ATM and CO-OP Shared Branch networks.
“CO-OP has a distinct advantage in that some of the most progressive, tech-forward credit unions in the movement are among our clients — and First Tech is a foremost example,” said Todd Clark, President/CEO of CO-OP.
“From the C-suite to the frontlines, staff at First Tech understands the digital-first mentality,” said Clark. “The credit union was founded on the principles of uniting human dedication and technological innovation for a greater good. We couldn’t ask for a better partner for our collective journey to digital transformation.”