Blue Federal Credit Union celebrates 70 years by paying off select members’ auto balances
To commemorate 70 years of serving more than 100,000 worldwide members, Blue Federal Credit Union recently paid off five randomly selected members’ loans totaling $70,000, including two vehicle retail installment contracts.
In June, credit union officials said any member in good standing who 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, Blue Federal Credit Union said 6,469 members and 6,723 loans qualified for the promotion.
According to a news release, the loan payoff amounts ranged from $5,216.54 all the way to more than $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.
Megan, one of the loan payoff recipients who wanted to only go by her first name, said through the news release, “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.”
Blue Federal Credit Union president and chief executive officer Stephanie Teubner recapped the campaign’s successes.
“This is something that points to Blue’s mission of discovering pathways to realize possibilities,” Teubner said in the news release. “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.”
Blue Federal Credit Union vice president of public relations and membership development Michele Bolkovatz added, “We are constantly looking to be in our members’ corner.
“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,” Bolkovatz went on to say.