Friday, December 15th, 2017

Beacon Credit Union rewards members

Posted: Friday, January 18, 2013

To reward its member-owners for their loyalty and the solid operating results in 2012, the board of directors of Beacon Credit Union returned more than $806,588 of loan interest back to its member-owners on December 31, 2012.

The money returned was a result of member-owners who utilized Beacon Credit Union for their borrowing needs and was in the form of a loan interest rebate. Those receiving the rebate were member-owners who paid interest on a loan during 2012; whose loan was not delinquent in its payments as of December 31, 2102 and whose loan remained active as of that date.

The qualifying 6,973 loan accounts held by member-owners received four percent of the total interest paid during the year. The rebated interest effectively reduced the annual percentage rate paid to the credit union for loans by approximately 13 basis points. Each borrower whose loan qualified for the loan interest rebate received a deposit into their Savings Plus account.

Over the past six years, Beacon Credit Union has returned over $5.5 million of collected loan interest back to member-borrowers through loan interest rebates.