ALEXANDRIA, Va. (10/30/14)--To celebrate its 70th anniversary, CommonWealth One FCU, Alexandria, Va., launched a loan refinancing program that in just five months has saved members $677,446.
The Community Challenge aims to save members $700,000 in interest costs by refinancing their higher-interest loans from other financial institutions.
Once the $323 million-asset credit union meets that goal of $700,000, it will donate $7,000 to each of its partner charities--Volunteer Alexandria, a community resource to connect volunteers and nonprofits, and Skyline Literacy, which provides adult literacy services in Harrisonburg, Va., and Rockingham County.
This is the first time that the credit union has tied a refinancing program to a community initiative. "Members are making this event a major success," said President/CEO Charlotte Cash.