Page 6 - MCUL: 2020 CU Impact Report

6 CREDIT UNION IMPACT REPORT SPRING 2020

TRUST THAT CREDIT UNION
MEMBERS CAN RELY ON

The relationship between credit union and
THE NOT-FOR-PROFIT BENEFITS
member is based in trust. The cooperative, $482 Million
not-for-profit model, where members are also
owners, means members can trust they’re
dealing with a financial institution not set on in Direct Financial
profits, but benefits — benefits for the consumer. Benefits to

People respond to low-cost products and services
created for financial health, not the highest $5.5 Million
profit, and that’s what we’re seeing in Michigan,
where credit union memberships are outpacing
population growth. Members
The Credit Union National Association (CUNA)’s
Q3 data reported that, in the previous 12 months,
Michigan credit unions provided $482 million in
direct financial benefits to the state’s 5.5 million
members — an increase to the already impressive $89
$424 million recorded in the preceding quarter.
Per Member
What does this mean? It means each Michigan
credit union member is getting an estimated
$89, or $187 per household, in direct financial
benefits. CUNA calculates these stats based
on average savings differences between credit
union and bank pricing, and result from financial $187
benefits, such as higher CD rates and fee-free
checking, as well as lower rates and fees on Per Household
products like home, car and auto loans.

INTEREST RATES (%) CREDIT UNIONS VS. BANKS

Michigan Banks
15.38
Michigan Credit Unions

10.31 10.77
9.05

5.09 5.50
4.15 4.33
3.35 3.32

60 - month 48 - month Unsecured loan Home equity / Credit card
new car new car 2nd mtg.