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Beacon Credit Union returns over $887,519 to its member-borrowers on New Year’s Eve
To reward its member-owners for their loyalty and the solid operating results recognized in 2011, the Board of Directors of Beacon Credit Union returned over $887,519 of loan interest back to member-owners who utilize Beacon Credit Union for their borrowing needs.
“A distinct benefit of borrowing from Beacon Credit Union is that each borrower is an owner of this cooperatively organized financial institution,” according to Bruce Ingraham, President. “We are very proud to return, for the sixth consecutive year, a portion of our loan interest receipts back to member-owners who utilize Beacon Credit Union for their borrowing needs. I am especially proud of our quality staff and their efforts to deliver added value to the people who depend on Beacon for their financial 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 2011, whose loan was not delinquent in its payments as of December 31, 2011; and whose loan remained active as of December 31, 2011. The qualifying 7,604 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 15 basis points. Each borrower whose loan qualified for the loan interest rebate received a deposit into their Savings Plus account on December 31, 2011.
Over the past six years, Beacon Credit Union has returned over $4.8 million of collected loan interest back to member-borrowers through loan interest rebates.