Credit Union Members Are Saving Big
Credit unions are not-for-profit, and they tend to have lower overhead costs than banks do. As a member of a CU, you are a part owner, so when CUs save on costs, they pass the savings on to you, in the form of lower rates and fees.
Case in point: Georgia credit union members enjoyed direct financial benefits of $129.9 million in 2014, according to Georgia Credit Union Affiliates (GCUA).
GCUA said that those benefits are paid out in ways that members can see in their wallet every month. For instance, the lower interest rates CU members enjoy on auto loans vs. banks can add up to savings of $500 over the life of a 60 month loan.
Overall, Georgia credit union members saved $72.5 million in lower interest rates on loan products, $33.1 million from higher return rates on savings products and $24.2 million from fewer and lower fees, GCUA said.
That’s great — but what if you don’t live in Georgia? The good news is that similar benefits are enjoyed by credit union members in all 50 states.
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