ST. PAUL—More than 125 members have singed on since mid-November to an initiative launched by Affinity Plus FCU here that urges members to save money via refinancing a loan.
According to APFCU, within the first 13 days of its refi program’s launch, Affinity Plus saved members $1 million. And it's on track to double that savings by the end of January, according to SCTimes.com.
The publication quoted CFO Brian Volkman as saying that in early 2015 the credit union hired a VP of business intelligence who was “tasked with evaluating data to provide additional savings to members,” including identifying how many members with long-term loans would be good candidates for a refi. Affinity Plus targeted those who could save at least $5,000 by refinancing.
According to Volkman, total member savings grew by $500,000 by the end of December, and that efforts to reach additional members will continue throughout 2016.