A Credit Union Can Help You Become Financially Fit
Joining a gym, finally taking your dream vacation, or planning to spend more time with the family this year? Why not make financial fitness one of your New Year’s Resolutions, too? It’s do-able, and the first thing on your list should be to join a credit union.
Because credit unions are not-for-profit cooperatives, you’re a member—and an owner. Unlike for-profit financial institutions that must pay stockholders, credit unions return benefits back to you, the member. That means you pay lower fees, and get lower interest rates on your loans and credit cards.
Nearly two million Oregonians are member-owners of credit unions. Here’s how that helped their financial fitness last year: *
- Collectively, their Beaver State credit unions delivered $180.5 million in direct benefits right back to them.
- That’s an advantage of $107 that each member enjoyed because they banked with a credit union.
- Every Main Street household with a credit union member, saw benefits of at least $203.
- Consumers who got their new car loans from an Oregon credit union, are saving an average of $251 in interest during each year of a 60-month, $25,000 loan.
- The interest rate that Oregon credit unions charge for credit cards, is as much as 5.4 percent lower than rates that profit-driven financial institutions are charging. That means Oregon’s credit union members spent $29 million less of their hard-earned money on credit card interest rates, than bank customers spent.
- Credit unions cooperate. Most network their ATMS, meaning members have access to their money as they travel. They can use the ATM at almost any credit union, and they don’t have to pay those annoying fees!
*Source: Informa Research comparing not-for-profit and profit-driven financial institutions’ interest rates and fees in the 12 months ending June 30, 2017; National Credit Union Administration and Credit Union National Association.
Still not a member of USAgencies Credit Union? Join today!
Already a member, but know someone who could benefit from membership? Refer them to USAgencies and you’ll both be eligible for our Refer-a-Member drawing.