The $1.9 billion Michigan State University Federal Credit Union has shown locals how credit unions offer a better deal with its One Million Dollar Challenge promotion.
The East Lansing, Mich.-based credit union set a goal to save its members $1 million from January through March 31.
Members surpassed the goal a week ahead of schedule, ultimately saving $1,087,395 in loan interest by refinancing their loan and credit card balances, totaling over $7 million, from other financial institutions.
Three members who refinanced loans with MSUFCU during the promotion also won an additional $500 prize.
“When we initially set the goal of saving members one million dollars in interest in only 72 business days, I was a little hesitant that it could be done. However, we received a great response from our staff, members and the local community, and we’re thrilled we were able to surpass our goal and save members so much money,” said April Clobes, MSUFCU executive vice president.