Langley Federal Credit Union is on a mission to improve its 300,000 members lives by helping them save, borrow, and spend wisely. Through its Affordable Banking initiatives, it has been able to document just how significant those savings are.
“As a not-for-profit financial institution, we return our profits to members through lower loan rates, higher deposit rates, lower fees, and convenient services,” said Langley President/CEO Tom Ryan. “We continuously look for ways to improve the value of membership at Langley, and we want to be the best financial institution for all our members.”
Over the past few years, Langley has been aggressively reducing fees, introducing new rebates, and increasing rewards for members. These have resulted in millions of dollars of savings for Langley members.
On October 1, 2021, Langley reduced fees for non-sufficient funds from $30 to $10. Langley’s Courtesy Pay, a service where it covers the transaction when the member is short on funds, was reduced from $30 to $20. These are not small changes. Approximately 40,000 members will save more than $4.5 million in fees annually because of these changes.
Langley has also introduced a loan rebate program that returns 10% of interest on auto, boat, recreational vehicle, or personal loans directly into members’ savings accounts. Since 2019, Langley has rebated more than $3 million to members.
“We’re proud of these efforts and the positive impact they have made on our members. These changes represent millions of dollars in savings, reduced fees and improved benefits,” added Ryan.
The Affordable Banking Report is now available on Langley’s website at www.LangleyFCU.org. It outlines the complete set of initiatives undertaken by the credit union to make banking more affordable for members.
Langley Federal Credit Union is a federally-chartered credit union, regulated and insured by the National Credit Union Administration. Langley Federal Credit Union serves more than 300,000 members and has $4 billion in assets, ranking the financial cooperative as one of the 100 largest credit unions in the country. Langley is a full-service financial institution where everyone can save, borrow, and spend wisely. Located in Hampton Roads, Langley has over 600 employees, 20 branches and more than 55,000 surcharge-free ATMs throughout the region. For more information, visit www.langleyfcu.org.