BECU Lowers Interest Rates for Over 30,000 Members
Thousands of BECU members were recently notified of their new interest rate – a lower one. Members with a credit card, line of credit (LOC) or auto loan qualify for the credit union's reprice program: The program annually evaluates members' credit scores and payment history, automatically lowering a member's rate if their performance has improved*. Now in its fifth year, 2015 marks the first time that the BECU Reprice Program includes auto loans. During the month of September, over 30,000 members will be informed that their interest rate has dropped.
"What we do is unique," said Doug Marshall, BECU Senior Vice President of Member Channels and Service Delivery. "Most financial institutions are in the business of making money and reporting to shareholders – higher interest rates factor into that. We're not-for-profit, so our focus is on what's best for the members. Having a lower interest rate means they pay less and can financially do more. With the current rate drop alone, we will save our members approximately $2.8 million dollars."
BECU wants all of its members to do more with their money. Part of being able to do more is understanding one's credit score. Calculating credit worthiness based on one's payment, loan, account and balance history, a credit score is a good assessment of financial behavior, and is used to help determine loan borrowing rates. Developing a good financial history takes time – the reprice program is one way the credit union can aid members on their path to financial success.
Learn helpful tips for pulling, reviewing and monitoring one's score at https://www.becu.org/articles/understanding-credit-reports. Individuals interested in products that include the reprice program can visit any BECU neighborhood financial center or www.becu.org.
BECU is a not-for-profit credit union owned by the members. Earnings are returned to the members in the form of better rates and fewer fees. With more than 900,000 members and more than $13.0 billion in assets, BECU is the largest credit union in Washington and one of the top five financial cooperatives in the country. BECU currently operates over 40 locations in the Puget Sound region. All Washington state residents and students attending Washington colleges and universities are eligible to join. For more information, visit www.becu.org.
*BECU periodically evaluates the credit rating of each member who has a credit card, personal line of credit or auto loan with BECU. If your score has improved sufficiently and your account is in good standing, we will look at reducing your rate (if you're not already receiving our lowest rate).
Todd Pietzsch, 206-439-5906