Jersey Shore FCU, Cape May, N.J., said it already has met its goal of $500,000 in member savings by refinancing loans—and has doubled the goal to $1 million.
With six months remaining in the credit union’s 50th Anniversary Community Challenge, community members already have saved more than $700,000 in loan interest.
The Community Challenge kicked off in January, when Jersey Shore set a goal to save community members a total of $500,000 in loan interest.
When a person refinances a loan with Jersey Shore FCU, that savings is added to the total savings goal.
The credit union committed to donating a total of $5,000 to four local charities once the half-million-dollar goal had been reached.