FOR IMMEDIATE RELEASE: May 5, 2015
ATLANTA (5/05/15) — Georgia credit union members reaped direct financial benefits of $129.9 million in 2014, according to the semi-annual Member Benefits Index (MBI) released by Georgia Credit Union Affiliates (GCUA).
Credit unions are not-for-profit cooperative organizations owned by members, not third-party shareholders. Credit union members benefit from fewer fees, lower interest rates on loans and higher returns on savings than they would find at banks. Last year these benefits saved Georgia credit union members $123 per household.
To illustrate an example, financing a new automobile at $25,000 for 60 months at a Georgia credit union would save an average of $500 in interest over the life of the loan compared to the same loan at the typical bank.
“We’re very pleased that the price comparisons continue to illustrate strong, tangible benefits for being a credit union member,” said Mike Mercer, president and CEO of GCUA. “Especially in this environment of extremely low interest rates.”
The benefits for Georgia credit union members were generated from $72.5 million in the form of 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.
Examples of how Georgia credit unions saved members more than $ 129.9 million last year:
The Georgia Credit Union Member Benefits Index, based on price comparison data collected by the National Credit Union Administration and Informa Research Services during the 12 months ending December 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.
About Georgia Credit Union Affiliates Georgia Credit Union Affiliates (GCUA) provides services and support that help credit unions meet the financial service needs of the state’s more than 2 million credit union memberships. GCUA offers advocacy, educational, operational and marketing support for Georgia’s 133 credit unions, with combined total assets of more than $19 billion. More information can be found at http://www.asmarterchoice.org/ and on social media at https://www.facebook.com/creditYOUnion, https://twitter.com/HPALGa and https://twitter.com/Gcuagov.