Georgia Credit Unions Save Members More Than $125 Million Annually
Thursday, January 22nd, 2015
Credit unions in Georgia provided their members with direct benefits of more than $125.2 million from October of 2013 through September of 2014, according to the semi-annual Member Benefits Index (MBI) released by Georgia Credit Union Affiliates (GCUA).
As not-for-profit cooperative organizations, credit unions are owned by members, not third-party shareholders. Credit union members benefit from lower interest rates on loans, higher returns on savings and fewer fees than they would find at banks.
For example, a credit union member with a $20,000 four-year used car loan would save an average of $367 over the life of that loan versus what they would pay for the same loan at the typical bank.
The MBI also reports credit union membership in Georgia continues to climb. After a 2.3 percent increase in 2013, membership was up another 2.8 percent in 2014, having surpassed the 2 million mark midyear.
"It's true members definitely save money when they conduct their business with credit unions," said Mike Mercer, president and CEO of GCUA. "But it goes deeper than that. A member at a credit union is an owner and being an owner entitles a person to a level of helpfulness and respect that a customer at a for-profit company will have trouble finding. Credit unions succeed when their members succeed. So in addition to lower fees and better rates, credit union members are part of an organization that is wired up to help them succeed."
Examples of how Georgia credit unions saved members more than $125.2 million last year:
The Georgia Credit Union Member Benefits Index, based on price comparison data collected by Informa Research Services during the 12 months ending September 2014, is the latest installment in an ongoing series of reports updated on a quarterly basis.
Click HERE to see the full Member Benefits Index.