Wednesday, February 25, 2015
Helping an Airman
A young airman came in to open a new account at one of our branches. He had a check to deposit to open the account ($7500), and the branch manager told him because the account was new, we would have to hold it for 11 business days (30 day new account rule).
The branch manager noticed that the check was from a notoriously high rate lender, and he asked the airman if the check was from a loan. The airman said yes and that the loan was at 35% interest.
Naturally, the manager’s ears perked up because he had already run the airman’s credit report, and the manager saw that he could get the young airmen to refinance that loan at 11.75%.
The fun didn’t stop there, Dover Federal also lowered both a car loan for his wife and the interest rate on the airmen’s loans went from 15% and 16% to 4.49%.
Dover Federal saved the couple approximately $7700 in interest. The Credit Union also gained $40k in new loan growth. This is exciting for both parties and a “win win”.
So the moral of the story is, don’t just plug away at your job day in and day out taking orders. The manager could have opened the account for the airman and called it a day. Instead, by lowering his loan payments he helped clear up money in his monthly budget.
Once everything was finished, the airman thanked the manager and said this was a day that changed his financial life. The manager replied to him that’s pretty much what our mission is, and asked him to give his contact info to any of his coworkers on base who could benefit from refinancing their loans.
Doesn’t it feel good to do meaningful work?