Bethpage Federal Credit Union, Long Island's largest credit union, reports an increase across all product categories following its Bank Transfer Day outreach efforts. Today, Bethpage announces that it has surpassed $124 million in loans funded for October 2011; over $100 million of which was funded for mortgage loans, and over $24 million for consumer loans, including home equity and auto. Bethpage also received an additional 869 applications for mortgage loans for $241 million in October, the credit union's highest volume month of the year.
For 2011, amid the overall housing downturn and economic slowdown, Bethpage is on track to fund more than $1 billion in loans, according to Bethpage President and CEO Kirk Kordeleski. Bethpage's success in lending can be attributed to record low interest rates, outstanding service and growing consumer awareness of credit unions for all their banking needs, said Kordeleski. Bethpage offers the best rates in the Long Island market, so we are seeing an increase across all product categories - something Bank Transfer Day certainly helped stimulate.
30-year fixed rate mortgages led the product mix of new mortgage loans funded at Bethpage at 38%. Borrowers who refinanced were able to extend their terms at historically low rates to reduce monthly mortgage payments and increase cash flow. 15-year mortgages were the second most popular for Bethpage at 19%, where members were able to reduce their mortgage term.
As previously reported, Bethpage also saw an 95% increase in new members for the month of October and the first week of November, leading up to Bank Transfer Day, as compared to the same period last year. A record-breaking 1,471 new checking accounts were also opened during the credit union's one-week Bank Transfer Day promotion, as compared to 383 new accounts the same week last year.
According to the Credit Union National Association (CUNA), Bethpage is not alone. CUNA's survey of 1,100 credit unions following Bank Transfer Day, found that credit unions nationwide brought in $90 million in new loans on Saturday, November 5, 2011 - Bank Transfer Day, as well as 40,000 new members and $80 million in new deposits. People are turning to credit unions not just to make deposits and open checking accounts; they are taking advantage of credit unions' full menu of product categories and services - this includes business services as well" said Kordeleski. As of October 31, 2011, Bethpage's business lending and commercial real estate portfolio grew to $259 million, a 77% increase compared to the same time last year.
In October, Bethpage announced a No Fee Guarantee, a guaranteed lifetime pledge to members that it will not charge checking-account related fees for new member checking accounts. This was Bethpage's second major announcement following new regulations curbing bank's long-established revenue streams. Last summer, Bethpage also introduced a new free checking account option for members, Bethpage Bonus Checking, just as bank's geared up to eliminate free checking for customers. As banks now quietly begin to impose other new fees including lost debit card delivery fees and mobile phone deposits, Bethpage will continue to honor its lifetime no fee pledge.
For Bank Transfer Day, each of Bethpage's 24 branch locations held promotions including awarding members $100 when they opening a checking account and turned in their old bank debit card or old checks.
As a member-owned financial cooperative, Bethpage offers better rates, lower fees and a full menu of personal and commercial financial services. Bethpage is one of Long Island's most convenient financial institutions. Its network of 24 local branches, shared service centers, 350 surcharge-free ATMs, and free online and mobile banking services provides members with easy access to their accounts wherever and whenever they need it.
Bethpage Federal Credit Union is a not-for-profit financial cooperative, existing solely to serve its members and has experienced rapid growth in recent years to become a strong alternative to banks. Bethpage was approved for the largest federal community charter in the U.S. in 2003 and now is Long Island's largest credit union and leading community financial institution with over 194,000 members, 24 branches and 60 shared service center locations throughout Nassau and Suffolk Counties. As a financial cooperative, Bethpage offers better rates, lower fees and a full menu of personal and commercial financial services.
Bethpage maintains branch locations in Bay Shore, Bay Shore King Kullen, Bethpage, Central Islip, Commack King Kullen, Elmont, Farmingdale, Freeport, Glen Cove, Hempstead, Huntington, Levittown King Kullen, Lynbrook, Massapequa, Melville, Mineola, North Babylon, Port Jefferson, Riverhead, Seaford, Smithtown, Roosevelt and Westbury with over 350 surcharge-free ATMs in King Kullen, 7-Eleven, Walgreens and Costco locations throughout Long Island. For more information, call 1-800-628-7070 or visit www.lovebethpage.com.