Better Interest Rates for Better Financial Habits

As a not-for-profit credit union dedicated to serving our local communities, BECU has always been a big believer in giving back – whether it’s volunteering in the community, providing free programs to boost our members’ financial health, or offering opportunities for members to keep more cash in their wallets.  

Our annual reprice program is a prime example of this and one that, at first glance, may not seem to make financial sense for a lender. But, as a credit union, we focus on putting our members first by encouraging and rewarding good financial habits. The reprice program rewards members for making timely payments and improving their credit scores by lowering their interest rates – in turn saving them a substantial amount of money over the life of their loans or credit cards.

BECU first opened our doors in 1935, when a small group of Boeing workers came together to pitch in money to fund small loans for fellow coworkers. More than 80 years later, we’re still living out those “people helping people” values. With more than 10 years at BECU under my belt, I’m proud to have seen firsthand how we’re continuously making a difference in our member’s lives.

How We Rethink Rewards

Periodically, we evaluate the credit rating of each member who has a credit card, line of credit, personal loan, auto loan, boat loan or RV loan with us. While some exceptions may apply, if a member has improved their credit score sufficiently, made timely payments and their account is in good standing, we automatically lower the rate (if the member is not already receiving our lowest rate)*. Over the past 14 years, the reprice program has saved our members more than $16.2 million dollars.

As far as I know, we are the only financial institution that does this, and it’s one of the marquee programs that makes me proud to work at BECU. While the concept may sound surprising to others running a business, it’s actually right in line with our BECU values. In fact, one of our core values is to “do the right thing.” We apply that concept both internally – in regards to how we interact with one another at work – as well as externally, extending it to inform how we can best serve our members. Reprice is a unique program where the benefits go beyond just saving money and proactively change financial behavior for the better.

When You Do Better, We Do Better

This year, I encouraged my team and other leaders across BECU to reach out to our members who qualified for our reprice program to personally congratulate them on improving their credit scores and thank them for being a BECU member. Call after call, we heard from members who have taken deliberate steps over the past year (and sometimes even longer) to pay close attention to their credit score and make intentional efforts to improve it. We were inspired and excited to hear such positive feedback from our members. It was a great reminder that, at the end of the day, we're all working together to lift each other toward financial health.

The best part about all of this is that it couldn’t be easier for our members to continue saving money. The reprice program doesn’t require any application or form. If you’re a BECU member, have a qualifying loan type and meet our criteria, we'll update your APR automatically during our review period and send you a notification. We’re thrilled to see that the number of members and total amount saved only continues to grow each year.

We believe that when our members are leading financially healthy lives and making responsible decisions, it’s a benefit to not just their wallets, but to the community as a whole. At BECU, we always have and always will put people over profits.

* The BECU Reprice Program is subject to change without notice.