PLEASANTON, Calif.—Patelco Credit Union said its "Switch to Save" loan refinance program recently hit a milestone as participating members have saved more than $1 million.
As an increasing number of CUs are implementing loan transfer programs, $3.9 billion-asset Patelco said it launched "Switch to Save" earlier this year in Sacramento as a pilot in a small number of branches. The CU said it recently rolled out the program to all of its locations.
"Switch to Save" offers to pay someone $25 if refinancing auto loans or switching credit cards to Patelco does not save them money. According to the CU, most people who have gone through the program have been able to save a "significant" amount of money. Approximately 1,000 early participants have totaled more than $1 million dollars in savings.
"We are really proud of this milestone," Ryan Misasi, Patelco's chief retail officer, said in a statement. "The success of this program shows that Patelco truly is in a position to improve the financial lives of a great number of people. We look forward to sharing the program with many more people throughout the Bay Area and Sacramento."
The program is available to members of the community as well as current credit union members. It is not necessary to already be a member of Patelco to "Switch to Save," as anyone living or working throughout the Bay Area and Sacramento is eligible to participate.
