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Patelco’s programs saved members more than $5 million in 2013
PLEASANTON, CA (January 14, 2014) — Patelco Credit Union, one of California’s largest credit unions with more than $4 billion in assets, announced today its members saved more than $5 million in 2013 through its Switch to Save and Member Giveback programs.
“We are very pleased to see that our members have collectively had such significant savings in 2013,” said Patelco’s President and CEO Erin Mendez. “We aim to enrich the lives of our members by providing superior service and value, and these programs did just that. We look forward to continuing to focus on our members in 2014.”
Switch to Save® is a program that offers participants the opportunity to lower interest rates and monthly payments when they transfer their auto loans and credit cards from other financial institutions to Patelco. If Patelco can’t provide lower rates or payments, they pay the participant $25. The program started as a pilot at Patelco’s Roseville branch in January 2013, and became available in all locations in September, after a phased rollout. Throughout 2013 more than 2,785 utilized the program. Participants saved an average of more than $1,000 by transferring their auto loans and credit cards to Patelco, for a total of more than $2 million saved across the program.
Patelco’s Member Giveback was a program exclusive to 2013 — specifically designed as a “thank you” to members for their membership in the credit union previous to that year. The program offered members who had belonged to the credit union prior to December 31, 2012 special offers on auto loan rates, and waived home loan lender fees and credit card balance transfer fees. Members were also able to combine the Member Giveback offers with other Patelco rate reductions and discounts. In 2013, the program saved members more than $3 million in total, including more than $1 million in mortgage lender fee waivers, $107,760 in balance transfer fee waivers and up to a .5% reduction on their auto loan rates.
About Patelco Credit Union
Founded in 1936, Patelco Credit Union ranks among the largest credit unions in California and the nation with more than $4 billion in assets and more than 275,000 members. Throughout its 78-year history, Patelco has helped its members and their communities prosper through volunteer initiatives and personalized service that focuses on transparency, simplicity in banking, and garnering trust. Patelco is a federally insured, not-for-profit, full-service credit union that offers the same types of products and services as large banks. For more information, visit Patelco Credit Union at www.patelco.org.