Global CU saved people $8.5 Min 2011, seeks to save $10 M in 2012
SPOKANE, Wash. – Global Credit Union saved members over $8.5 million in loan interest in 2011 but they’re not stopping there. This year they are reaching out to everyone in their community – people living or working in Washington State, Kootenai, Benewah, Shoshone or Latah counties in Idaho, and all active and retired military members and their families worldwide – to reach their 2012 goal of saving people $10 million in loan interest.
“We’ve always known that as a credit union we can provide significant savings to consumers. This campaign has helped us show, in real dollars, that this savings is significant. Over $8.5 million will stay in the pockets of our members over the life of their loans and that is quite an achievement,” said Global CU President/CEO, Jack Fallis.
When the credit union launched their savings initiative in June 2010 the credit union had no idea the extent of savings members would recognize; saving over $2 million in six months, and $8.5 million the following year. The campaign is being extended to encourage all employees and members to seek the best interest rates, overcoming the idea that refinancing can be a hassle in light of the significant savings.
When asked why this initiative matters Fallis said, “Members rely on us to be their trusted financial advisor, an equitable harbor in the sea of lending options. We care about the state of our members’ finances because we exist because and for our member/owners. We are a not-for-profit financial cooperative and we know that the money our members save by bringing their higher interest loans to the credit union is money in their pockets and back into our communities. We do this because it’s the right thing to do, because we believe that together we are better.”