Credit unions in Alabama, Florida and Georgia continue to offer substantial financial benefits to members, according to the Credit Union National Association’s Mid-Year 2019 Membership Benefits Report.
According to Datatrac, the research firm behind CUNA’s report, credit unions (like yours) in the three states provided 10.1 million members a combined $1.1 billion in direct financial benefits during the 12 months ending in June.
To break that down a bit further:
- Alabama credit unions saved each member the equivalent of $126 each.
- Florida credit unions saved each member the equivalent of $101 each.
- Georgia credit unions saved each member the equivalent of $116 each.
Credit unions in all three states also continue to offer lower-than-average rates on personal unsecured loans, fixed-rate firs mortgages, adjustable-rate first mortgages, home equity loans, credit cards and new and used auto loans. For example, financing a new $25,000 automobile for 60 months would save consumers:
- $1,350 over the life of the loan at a typical Alabama credit union
- $950 over the life of the loan at a typical Florida credit union
- $1,205 over the life of the loan at a typical Georgia credit union
These figures show the value of the work you, as credit union employees, do each day. Tomorrow, the League of Southeastern Credit Unions and Affiliates will send our bi-annual Member Benefits Report to media in Alabama, Florida and Georgia, as well as trade publications.
The Member Benefits Report will highlight the above success of credit unions while also explaining the cooperative structure that allows credit unions to provide this level of service. To receive a copy of that report, email firstname.lastname@example.org.