Ga. members benefit from trusted CU relationships
Lower loan rates and fees saved Georgia credit union members more than $161.6 million in 2015, according to the Outreach Report: Helping People Afford Life, released by Georgia Credit Union Affiliates this week.
The report, which includes statistics compiled by CUNA, lists the accomplishments of Georgia’s 121 credit unions, which comprise $21 billion in assets and include 2.1 million memberships.
Georgia consumers who tapped the cooperative credit union structure could take advantage of lower interest rates, such as an average credit card interest rate that was 5.46% less than a bank credit card, according to the report.
On a $25,000 auto loan, the credit union advantage saves the Georgia consumer an average of $560 in interest over 5 years.
The report also includes survey results from Georgia credit unions. Of Georgia credit union surveyed:
- 89% offer or plan to offer free checking;
- 93% offer or plan to offer second-chance checking accounts;
- 71% offer or plan to offer credit-building loans;
- 63% offer or plan to offer first-time homebuyer loans;
- 71% offer or plan to offer a credit card for members with no credit card history; and
- 80% offer or plan to offer financial literacy programs.
Georgia credit unions are also active in their communities. Of those surveyed, 57% had board or staff members participate in community nonprofit events. Another 80% made donations to charitable programs. Fifty-seven percent of the credit unions surveyed were official sponsors of community-based nonprofit events.