LIVONIA, Mich. (2/27/14)--In 2013, Michigan credit union members benefited to the tune of $226 million for being part of the credit union community, according to the Community Reinvestment Report from the Michigan Credit Union League (MCUL).
The league report found members saved $49 million in lower or fewer fees and $153 million in lower interest rates on loan products. They gained $23 million in higher interest rates on savings.
Fifty-three percent reported a "very favorable" consumer opinion of credit unions, according to the league's credit union awareness study. Eighty percent of credit union members had confidence in their primary financial institution, while 66% believe credit unions are doing what is in their best interest. Banks were rated at 38% and 27%, respectively.
"It's a conscious choice to be part of something bigger: a movement, a community that is united for good," league President/CEO David Adams wrote in the introduction.
Michigan credit unions contributed to financial literacy with 253 student credit unions that teach money management skills to 22,631 students, and nearly 145,100 adult members received financial counseling.
As membership grows, so does the pool of credit union employees who support members. Credit unions alone account for 13,358 employees, and credit union service organizations are not covered in that list. Six credit unions have been named top places to work by the Detroit Free Press.
Credit unions continue to offer loans to small businesses, topping $1.2 billion in 2013. "Deeply rooted in their communities, credit unions never stopped supporting the member businesses," the report noted.
The league also highlighted its "Save to Win" program, the Invest in America member discount program and the work by the Michigan Credit Union Foundation.