HARRISONBURG, VA (October 29, 2014) -- Helping members save money when they borrow is nothing new for CommonWealth One Federal Credit Union. But saving them $700,000 in loan interest in a relatively short time is new – and newsworthy.
CommonWealth One recently created the Community Challenge with the goal of saving members $700,000 by refinancing their higher-interest loans from other financial institutions. When that goal is reached, CommonWealth One will donate $7,000 to Skyline Literacy in Harrisonburg, VA. As of Oct. 21, 2014, members had saved $677,446 in loan interest this year.
While members have always saved by refinancing their “other” loans at CommonWealth One, this is the first time refinancing has been tied to a major community initiative. “Members are making this event a major success,” said Cash, adding that, while newsworthy, community involvement programs like this are a defining characteristic of CommonWealth One’s mission.
As a full-service financial institution, CommonWealth One offers loans for virtually every reason, including a full line of home loans, debt consolidation loans, vehicle loans, and credit cards, accompanied by a knowledgeable staff to help members reach their financial goals.
About CommonWealth One Federal Credit Union
Since 1944, CommonWealth One Federal Credit Union has grown to become a top credit union with more than $315 million in assets serving more than 34,000 members. CommonWealth One is a full-service, member-owned, not-for-profit financial cooperative committed to being the lifetime financial partner of its members.
CommonWealth One has two branches in Harrisonburg, VA including at James Madison University. Members can access their accounts through Online Banking, Mobile Apps, Text Banking, plus a network of over 6,700+ shared branches and 55,000+ surcharge-free ATMs across the country. For information, visit cofcu.org.