American Heritage Federal Credit Union has reached a yearlong lending goal in just six months.

The Philadelphia-based credit union had set the goal of helping its members save $13 million in refinanced consumer and home loans in 2013 but has reported that it reached $13.1 million in refinances on June 1.

“Going into the new year, we wanted to put together a promotion that would really focus attention on the fact that we are saving our members thousands of dollars by refinancing the loans they have elsewhere with American Heritage,” said CEO Bruce Foulke. “To do that, we had to do two things. First, we put a “savings tracker” banner on our webpage and in our branches, which keeps that growing number in front of members at all times. Second, we wanted to make sure that focus on refinancing was part of the conversation our employees were having with members.”

Foulke said the credit union's member service officers ask each member, “Have you heard about our goal for 2013?” and then follow up with “We want to save our members $13 million in 2013. Let me show you how much I can save you.'”

American Heritage's information systems team designed a tracking report within the credit union's account cross-sell module where employees could then track member's savings compared to the loan that was refinanced. Individual employees could then share with members how much they personally had saved the members they have serviced, the branch could determine its total member loans savings and the credit union as a whole could track the total number of all loan channels combined.

“We're very excited about the results,” says Foulke. “Mortgage refinances continue to drive the total and our new consumer loan volume is up $4.2 million year-to-date versus 2012. We've even adjusted our goal to $33 million by year-end 2013.”

American Heritage FCU has 121,000 members and $1.33 billion in assets.

Instant Insights /

American Heritage FCU Sped to Savings Goal

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