- » Beacon News
- » Beacon Credit Union returns over $806,588 to its member-borrowers on New Year's Eve
Beacon Credit Union returns over $806,588 to its member-borrowers on New Year's Eve
To reward its member-owners for their loyalty and the solid operating results recognized in 2012, the Board of Directors of Beacon Credit Union returned over $806,588 of loan interest back to member-owners who utilize Beacon Credit Union for their borrowing needs.
The money returned to borrowers 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, 2012; and whose loan remained active as of December 31, 2012. The qualifying 6,973 loan accounts held by member-owners received 4% 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 on December 31, 2012.
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.