Contact: Sherry Lotze
Watermark Credit Union
206.381.6542
slotze@watermarkcu.org
Watermark Credit Union Launches Payday Freedom
to Break the Payday Loan Cycle
Seattle, Washington..............................February 4, 2008
Seattle-based Watermark Credit Union is excited to announce the launch of its Payday Freedom product, designed to help its members break the payday loan cycle.
With Payday Freedom, members can borrow between $200 and $800 for an annual percentage rate of 18%, a significant savings over traditional payday loans that can charge hundreds, even thousands, of dollars in interest annually. When members utilize Payday Freedom instead, 5% of each loan is deposited into a savings account, helping members to save money and stop the payday loan cycle. Loans are repaid through direct deposit.
According to President and CEO Chuck Cockburn, the credit union implemented the product to educate members on using short-term credit responsibly and to learn to save for their long-term financial needs.
"Payday lenders are taking advantage of our members. Our solution requires a 5% deposit, so they can start a system of saving," Cockburn said. "The point is to break the cycle of taking one payday loan to pay off another one."
For more information about Watermark Credit Union, please contact Sherry Lotze, vice president of marketing, at 206-381-6542 or slotze@watermarkcu.org or visit the company's Web site at www.watermarkcu.org.
Founded in 1938, Watermark Credit Union is a member-owned, not-for-profit financial institution based in Seattle, Washington. With $486 million in assets and more than 70,000 members, Watermark Credit Union is ranked in the top 15 credit unions in Washington State in terms of assets. Watermark Credit Union offers a wide range of personal and commercial banking services, with branches in Bellevue, Burien, Lynnwood, Redmond, Seattle, Shoreline and Southcenter. Membership is available to anyone who lives or works in the state of Washington. Watermark Credit Union prides itself on remaining true to the original purpose of credit unions-people helping people-to make certain that all members have access to the best products and services, and receive sound financial advice from professionals they trust.