Bismarck, ND - Capital Credit Union recently distributed donations to area charities as part of an effort to help community members save money on their loan interest.
By using the not-for-profit, member-owned credit union modelwhich charges lower and fewer fees, and returns profits to its members in the form of lower interest rates on loans and higher interest rates on savingsCapital Credit Union launched a Loan Rescue Community Challenge to save area borrowers hundreds of thousands of dollars in interest by transferring their loans to the credit union from other financial institutions.
The Loan Rescue program entailed Capital Credit Union establishing a goal of saving borrowers $500,000. When borrowers transferred their loans to Capital Credit Union, they selected from among four area charities where they wanted their proportion of a $20,000 donation to go.
"Our mission statement is Members First," said Capital Credit Union CEO Deb Gallagher. "Saving borrowers interest, in this case over a half-million dollars, is just one part of our mission. But its a big one that members feel right away when they see smaller monthly payments on loans or loans paid off months or years earlier."
The charities, and the amounts they received, are as follows:
- Childrens Miracle Network, which supports research, training, equipment purchases and uncompensated care for childrens hospitals: $7,428
- Central Dakota Humane Society, which houses and rehabilitates lost, stray and homeless animals: $5,516
- North Dakota Jump$tart Coalition, which works to improve the financial literacy of all North Dakotans: $3,888
- Knife River Care Center, Beulah, which provides care to residents at their facility, serving the greater Mercer County/Knife River area: $3,168
PHOTO: Representatives from Sanford Health Foundation, a Childrens Miracle Network hospital, accept a $7,428 donation from Capital Credit Union CEO Deb Gallagher.�Three other organizations also received donations: Central Dakota Humane Society, $5,516; North Dakota Jump$tart Coalition, $3,888; and Knife River Care Center, $3,168. Picture, from left, are�Tom Petrik, Sanford Health Foundation vice president of development; Gallagher; Hillery Mork, Sanford Foundation Childrens Miracle Network program director; and Sara Haugen, Sanford Foundation development officer
Bismarck, ND - Capital Credit Union recently distributed donations to area charities as part of an effort to help community members save money on their loan interest.
By using the not-for-profit, member-owned credit union modelwhich charges lower and fewer fees, and returns profits to its members in the form of lower interest rates on loans and higher interest rates on savingsCapital Credit Union launched a Loan Rescue Community Challenge to save area borrowers hundreds of thousands of dollars in interest by transferring their loans to the credit union from other financial institutions.
The Loan Rescue program entailed Capital Credit Union establishing a goal of saving borrowers $500,000. When borrowers transferred their loans to Capital Credit Union, they selected from among four area charities where they wanted their proportion of a $20,000 donation to go.
"Our mission statement is Members First," said Capital Credit Union CEO Deb Gallagher. "Saving borrowers interest, in this case over a half-million dollars, is just one part of our mission. But its a big one that members feel right away when they see smaller monthly payments on loans or loans paid off months or years earlier."
The charities, and the amounts they received, are as follows: