WESTBROOK, Maine–Infinity FCU here is reporting it saved members at least $1.22 million in interest and fees through loan refinancings during 2016.
According to the credit union, that $1.22 million in savings includes what members save by refinancing their loans at lower rates with no closing costs—both consumer and home loans. Infinity FCU said it counts only the first-year savings on monthly payments (even though the savings continue for the length of the loan).
August was Infinity’s biggest month, when customers saved $313,000 by refinancing their loans with IFCU, the credit union reported.
The credit union noted its savings calculation actually significantly underestimates member savings, since every time a member consolidates and refinances credit card debt there are even more savings.
“We are proud to say that our members are better off for having come to Infinity to do their banking because we provide an extraordinary experience, and because they are in a stronger financial position as a result of our partnership,” said Elizabeth Hayes, president and CEO.