With the goal of savings its members $1 million in loan interest by the end of the year, Notre Dame Federal Credit Union said it recently met that challenge.
The $427 million credit union in South Bend, Ind., launched its Million Dollar Savings Challenge at the start of 2012. The cooperative said it reached the goal on Dec. 6.
Throughout the year, Notre Dame FCU offered to save members 2% or more on any existing non-NDFCU loans. If the credit union was not able to offer the savings, the applicant would walk away with $25.
“This effort has helped people refinance their loans and reduce monthly payments, giving them peace of mind, and getting them closer to financial security,” said Notre Dame FCU President/CEO Thomas Gryp.
Television commercials for the Million Dollar Savings Challenge featured stories from real members who saved money on loan interest with Notre Dame FCU and how their personal financial situations were improved as a result, the credit union said.
Notre Dame FCU serves more than 63,000 members.
