Blue Federal Credit Union Pays Off $70,000 in Loans for Five Members
In celebration of 70 years of serving over 100,000 worldwide members, Blue Federal Credit Union has paid off five randomly selected members loans totaling $70,000.
Megan, one of the loan payoff recipients who wanted to only go by her first name said, “Whoever has heard of a financial institution paying off loans that they generate? I originally took out this loan to cover some personal expenses related to medical bills. Now, my husband and I are starting to think of the future and what we can do together.”
in June of 2021, any member in good standing that took out any loan sans a first-time mortgage, was automatically entered to have their loan paid off, up to $70,000. After a three-month long campaign, 6,469 members and 6,723 loans qualified for the promotion.
“This is something that points to Blue’s mission of discovering pathways to realize possibilities,” says Stephanie Teubner, President and CEO of Blue Federal Credit Union. “We exist for our members and because of our members. Paying off loans for our members, is a way that we can definitively show that we are in our members corner and want to see them succeed financially.”
“We are constantly looking to be in our members corner,” says Michele Bolkovatz VP of Public Relations and Membership Development. “After notifying the recipients of the loan payoff, and hearing the disbelief and gratitude, it makes me proud to be a part of an organization that lives up to its mantras and mission.”
The loan pay off amounts ranged from $5,216.54 all the way to over $23,000. Two cars, two motorcycles, and a personal loan were paid down or paid off during the campaign. The five winning members were all notified that their loans were paid off throughout September.