So we lowered loan rates. We boosted CD interest rates. We refunded fees. We put you first. Last year, we returned more than $312 million to our members, or around $277 per member. Here’s how:
We know how difficult it can be to gather enough money for a down payment, particularly for your first home. Early in 2018, we announced our $1 million grant to award eligible members with up to 2 percent of a down payment or closing costs through our First-Time Homebuyer Grant program. BECU delighted first-time homebuyers by helping them purchase 146 houses with an average grant of $5,289, providing a total of $772,241 in grants. The program was such a success that we’re helping even more people realize their homeownership dreams through additional grants in 2019.
Our goal with the First-Time Homebuyer Grant program is simple: to help more people become homeowners. Many of our members are qualified homebuyers, but they simply need help clearing the hurdle of a down payment." —Scott Strand, Executive Vice President & Chief Operations Officer
Lowered Interest Rates
BECU saved almost 49,000 members more than $2.7 million through our annual loan Reprice program. This program automatically lowers the interest rate of qualifying loans when a member’s credit score improves (if they’re not already receiving our lowest rate). Over the past 14 years, we’ve saved members more than $16.2 million through interest rate reductions.
Refunded ATM Fees
Despite 30,000 surcharge-free BECU and credit union network ATMs nationwide, we realize that sometimes members must use an out-of-network ATM. As of 2018, Member Advantage account holders have been reimbursed up to $6 per month for out-of-network ATM fees. We helped members regain $5.1 million in out-of-network ATM surcharge refunds.
Increase Your Gains
We raised our interest rates for Money Market accounts and CDs. Each dollar you put away now earns a little more. This is on top of our innovative offerings, including Veterans Family Fund CDs (which donate half your interest to veteran families) and Bump CDs (which allow you to raise your interest rate when the rates increase).
Waived Origination Fees
Most BECU mortgages for purchase and refinancing were origination-fee-free in 2018, which means more money for buying paint or furnishing your home.
My father had always been a fan of credit unions, and now I understand why. There’s not a single bank I can think of who could hold a candle to you." —Bruce L., BECU member
2018 Member Summit: More than a Meeting
On a sunny, warm evening on April 24, 2018, hundreds of BECU members met at Seattle Center’s McCaw Hall, enjoying light appetizers and desserts while attending breakout sessions focused on savvy financial moves.
Every year, the Member Summit is your opportunity to learn from financial educators, ask questions of BECU leaders, attend the annual membership meeting, join the credit union in assisting our communities and discover how we can serve you better. Members can join us in person, participate through the online livestream or watch the event recording at their convenience.
2018 Breakout Sessions:
- Home Buying 101
- 10 Most Common Retirement Planning Mistakes
- Estate Planning – What Everyone Needs to Know
- What to Consider When Starting a Business
- Life After Tax Reform: What You Need to Know
- Executive Forum with BECU Executives
I love that BECU holds this event every year. I always feel more connected to the credit union and feel even more proud to be a member after attending. Thank you for everything you do!" —Anonymous BECU member
Helping You, Every Day
Whether you’re in the Puget Sound area, the Spokane Valley or South Carolina, we understand you want to see a friendly face when you open a joint checking account, apply for a car loan or replace a debit card. You’re not alone. BECU employees helped members in our Neighborhood Financial Centers more than 2.1 million times in 2018.