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Beacon CU returns more than $800,000 to member-owners
Thursday, January 17, 2013 7:53 AM
Beacon Credit Union returned more than $806,588 to its member-owners on Dec. 31, 2012.
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 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 Dec. 31, 2012; and whose loan remained active as of Dec. 31, 2012.
The qualifying 6,973 loan accounts held by member-owners received 4 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.