Page 5 - 2022 Impact Report

CREDIT UNION IMPACT REPORT 5

NOT-FOR-PROFIT BENEFITS

MEMBERS OWN, MEMBERS EARN
$556

Credit unions set themselves apart from other financial institutions
with their cooperative, not-for-profit structure. When you’re a million
member of a credit union, you’re also an owner of the credit union.

This structure creates a true partnership between member and credit in direct financial
union — a partnership that, through mutual benefit, fosters trust.
benefits to
Based on average savings differences between credit union and
bank pricing on products and services, such as higher CD rates and 5.77 million
fee-free checking, as well as lower rates and fees on products like
home, car and auto loans Michiganders earn a significant profit
simply by being a credit union member. members

The Credit Union National Association (CUNA)’s Member Benefits
Report for Q3 2021 reports that Michigan credit unions contributed
to a total of $556 million in direct financial benefits to Michigan’s
5.77 million members over the previous twelve months. This total is
equal to $98 per member or $205 per household.

According to CUNA, financing a $25,000 vehicle for 60 months
through a credit union, rather than a bank, will save consumers an
average of $166 annually in interest. This figure has increased nearly
28% in the last year. This is just one of many savings benefits that $205
are helping members more easily meet their needs.
per household

INTEREST RATES (%) CREDIT UNIONS VS. BANKS

Michigan Banks
13.34
Michigan Credit Unions

10.17
9.46
8.72

4.94
4.21 4.00

2.71 2.70
1.99

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