BECU & Community Impact
As BECU continues assisting members affected by COVID-19, we revisit our commitment to supporting the financial wellbeing of our members and enriching our local communities.
We are committed to putting members first: this year, in addition to offering free financial counseling, BECU has offered relief options on loans and credit cards to members impacted by COVID-19. This initiative builds on the accomplishments of 2019, when BECU membership grew to over 1.2 million, and we funded over $6.4 million in donations to local charities. Thanks to your membership, we've built a solid foundation for all members to stand on, and bolstered the communities we live in. Here are some of our accomplishments from last year, by the numbers.
Returned Over $388 Million to Members
Those savings are returned to you in the form of better rates on loan and savings products, and fewer fees on banking transactions. In 2019, we returned over $388 million to you: an average of $322 per member.
Donated Over $6.4 million to Charity
Through charitable giving, BECU donated $6.4 million in cash and in-kind donations to community partners. Key efforts include:
- Partnering with organizations across Washington State to give $993,500 in funding to financially vulnerable students, those who might not otherwise complete a postsecondary degree.
- Awarding $594,000 in People Helping People funds to member-nominated, local nonprofits.
- Supporting 151 student members through BECU Foundation scholarships.
- Matching over $370,000 in employee donations to 728 causes.
Reduced Interest Rates on Over 60,500 Loans
Every year, we evaluate the financial standing of our members through our annual reprice program. If a credit score has improved, the member could be eligible for a lower interest rate on their loan or credit card. We make your financial wellbeing our goal— because that's the right thing to do.
Granted $1.5 Million to First-Time Homebuyers
We gave $1.5 million, or up to $6,500 per member, to eligible members for down payments on 285 homes. Since the program began in 2018, we've granted over $2.4 million for 438 member-purchased homes.
Supported Nearly 1,000 Members with Financial Health Check
Through Financial Health Check, we have helped members take actionable steps toward increasing their savings accounts, setting financial goals, overcoming debt, and more.
Thank you for helping BECU reach great heights in supporting our members and communities. We look forward to helping you reach your financial goals throughout 2020 and beyond.