Through BECU’s reprice program, more than 40,000 members with a credit card, line of credit (LOC), personal loan, auto, boat or RV loan will have their interest rates reduced this month – a collective savings of more than $2.7 million. BECU evaluates members’ credit scores and payment history annually to reward improved performance*. Designed to reward a member's responsible use of credit, the reprice does not negatively adjust the rates of members whose credit scores have decreased.
“This unique program celebrates and rewards our members for their financial responsibility,” said Scott Strand, BECU senior vice president of member lending, business and wealth. “Every member who improves their credit score is working toward financial health and contributing to the strength of BECU. They’ve truly earned their better rate.”
As a member-owned, not-for-profit credit union, BECU’s primary mission is to serve members and the community. Over the past 12 years, the loan reprice program has saved members more than $10.8 million. In total, BECU gave back $169 million to all its members last year in the form of lower fees, better rates and more affordable services when compared to a typical bank.
“BECU’s member-first philosophy is the foundation of everything we do,” said Benson Porter, President and CEO of BECU. “As a cooperative, when our members thrive, so does BECU. The reprice program is one way we can support members on the path to financial success and help them do more with their money.”
To learn helpful tips for pulling, reviewing and monitoring one’s credit score, BECU has resources available at https://www.becu.org/articles/understanding-credit-reports.
Individuals interested in products that include the reprice program can visit any BECU neighborhood financial center or www.becu.org.
BECU is a not-for-profit credit union owned by its members. Earnings are returned to the members in the form of better rates and fewer fees. With nearly 1 million members and more than $15 billion in assets, BECU is the largest credit union in Washington and one of the top five financial cooperatives in the country. BECU currently operates over 40 locations in the Puget Sound region. All Washington state residents, Boeing employees and their families and students attending Washington colleges and universities are eligible to join. For more information, visit www.becu.org.
*BECU periodically evaluates the credit rating of each member who has a credit card, personal line of credit, personal loan, auto loan, boat loan or RV loan with BECU. If the score has improved sufficiently and the account is in good standing, BECU will look at reducing the rate (if the member is not already receiving BECU’s lowest rate).