CU Members Received Big Financial Benefits In 2009 (Monitor: July 12, 2010)
A new report from CUNA compiling recent credit union data shows that Michigan credit unions provided an estimated $412,917,228 in direct financial benefits to the state’s 4,307,764 members during the twelve months ending December, 2009, demonstrating the value of credit union membership in the down economy.
Comparisons between Michigan credit unions and other financial services providers also revealed that credit unions continue to excel in providing member benefits on many loan and savings products. Credit unions offer lower average rates on new car loans, used car loans, personal unsecured loans, fixed-rate first mortgages, adjustable-rate first mortgages, home equity loans and credit cards. Michigan credit unions also pay members higher dividends on regular savings, share draft checking, money market and certificate accounts, and IRAs.
For loyal members who use credit unions exclusively, the benefits are much greater than the average, the report also shows. The estimated numbers do not reflect the non-financial benefits members receive compared to bank customers such as access to a large ATM network, financial counseling, auto buying services, and others.
The full report, which credit unions can use to show their members the benefits of credit union membership through hard data, can be downloaded in PDF format at the MCUL’s CU Statistics, Economic Data and Research Web page.
The MCUL is committed to providing its membership with updates on important research and statistics that are relevant to the credit union community. Visit the MCUL’s CU Statistics, Economic Data and Research Web page for data and analysis from the MCUL and other organizations.