CUs Benefit All Consumers
American consumers benefit to the tune of $8.5 billion due to CUs' presence in the marketplace.
From left: CUNA Chief Economist Bill Hampel presented the Membership Benefits Performance Awards trophies for CUs with $75 million to $250 million in assets, to representatives of St. Louis Community CU, UniWyo FCU, and Boston Firefighters CU.
American consumers benefit to the tune of $8.5 billion due to credit unions’ presence in the marketplace.
And the nation’s 98 million credit union members received $6.1 billion in benefits during the year ended Sept. 30, 2013, in the form of lower loan rates, higher dividends, and fewer and lower fees.
That’s the word from CUNA’s Membership Benefits Report, which compares credit unions’ rates and fees to those of banks nationally and locally, and calculates the dollar amount members save as a result.
Some of the credit unions that provide the biggest benefit to their members are at this conference. They were honored for their generosity during a presentation Monday afternoon.
Based on an analysis of participating GAC attendees’ rates and fees, these credit unions provide the greatest value to members:
- United Health CU, Burlingame, Calif. (less than $75 million in assets): $248 per member household;
- Boston Firefighters CU, Dorchester, Mass. ($75-$250 million in assets): $601 per member household; and
- Melrose CU, Briarwood, N.Y. (more than $250 million in assets): $993 per member household.
CUNA’s economics and statistics department produces the Membership Benefits Report. Visit cuna.org and select “research & strategy.”