Scott Young had tried banking at four other financial institutions before eventually switching to Dupaco last year.
And after his recent involvement with Dupaco’s GreenBack Impact campaign—a movement to bring loans to Dupaco to save members money and strengthen the cooperative—Young believes he has finally found his lifetime financial home.
“I have banked with four other financials, and Dupaco is the first one to ever reach out to me and say, ‘We can drop your interest and save you money,’ ” the 31-year-old Cedar Rapids man said. “It just shows me that I’m finally at the right place.”
Young joined Dupaco last summer. A few months later, Dupaco reached out to him, letting him know he could drop his interest rate by 6.5 percent and save more than $2,200 in interest by bringing his auto loan to his member-owned credit union.
Young was floored. Because he moved his loan to Dupaco during the three-month GreenBack Impact campaign, he also received a dividend of $12.89—sharing in the success of his credit union’s mission to save its members a collective $1 million in interest by refinancing loans with Dupaco. During the campaign, Dupaco saved members more than $3.5 million in interest—far exceeding its goal and unlocking a $25,000-bonus giveback for those members who participated.
Not only did Young save money by moving his auto loan to Dupaco, but he also learned how he could start saving for the future while building his credit. With the help of Dupaco’s Tammy Wood, Young opened an Individual Retirement Account (IRA) through Dupaco and is already systematically putting away money for the future. He also became a first-time credit card holder, opening a Dupaco VISA® to start establishing his credit. His credit score has already increased 20 points, Wood said.
“There are so many things offered through Dupaco that no bank had ever mentioned to me,” Young said. Now he wants to pay it forward, so he’s telling others about his experience.
Wood, a relationship development specialist, said this is what Dupaco is all about. “It makes my day when I know we’re making a difference in our members’ lives and saving them real money,” she said.
By Emily Kittle