Winner of CU Journal Best Practices Award
The Partnership FCU Wins CU Journal Best Practices Award
December 16‚ Arlington, VA — The Partnership Federal Credit Union was recently named a Best Practices 2015 Award Winner by Credit Union Journal for its innovative product, ZipLINE, which helps members build or rebuild credit and aims to end their reliance on costly, payday lending products.
Since the ZipLINE Line of Credit’s introduction in January 2015, over 200 members have opened the product, with credit limit utilization around 85%, and over 90% of ZipLINEs keep a revolving balance. The product was designed to help members establish a valuable lending relationship with the Credit Union and to help members who can least afford to pay the high-cost of payday lending loans. With over 75% of outstanding ZipLINEs belonging to “D” and “E” credit members, The Partnership FCU has designed a product that brings tangible value to its members.
“We believe that everyone in our community deserves value through partnership,” said Theresa Mann, President/CEO of The Partnership FCU, “When we discovered that our payday lending alternative was not meeting the ultimate goal of helping members break the cycle of payday lending, we knew we needed to find a better way to provide value. ”
Each year the Credit Union Journal honors credit union’s with Best Practices awards to recognize an innovative practice, policy, product or procedure that has a proven track record of success.
Read the CU Journal Article here.