Members of Michigan State University Federal Credit Union recently refinanced $9.6 million in loan and credit card balances, surpassing a goal set by the cooperative.
The $2.25 billion credit union ran its One Million Dollar Challenge promotion from Jan. 3 to March 31 with the goal of saving members $1 million in loan interest during the three-month period.
Bringing their loan and credit card balance over from financial institutions, members actually saved more than $1.3 million, according to MSUFCU. Three members who refinanced loans with MSUFCU during the promotion won additional cash prizes.
The credit union held its first One Million Dollar Challenge in 2011, said Patrick McPharlin, president/CEO of MSUFCU.
Founded in 1937, the East Lansing, Mich.-based credit union serves more than 165,000 members.