DULUTH, Ga., Sept. 29, 2017 /PRNewswire/ -- According to the 2017 mid-year Georgia Membership Benefits Report released by the Credit Union National Association (CUNA), Georgia credit unions provided $217,101,677 in direct financial benefits to the state's 2.1 million members during the 12-month period ending in June 2017. That's an average direct financial benefit equivalent of $197 per member household.
CUNA's mid-year report states these savings as averages — in other words, it assumes all members use credit union services equally. Loyal, active credit union members often receive far greater-than-average benefits.
"Credit unions are literally 'wired up' to provide additional value to their members," said Mike Mercer, President/CEO of Georgia Credit Union Affiliates, the state trade association for credit unions. "As not-for-profit cooperatives, credit unions place member benefits at the top of their priorities. They do not have an obligation to provide value for third-party shareholders. Members appreciate doing business with organizations that are designed to help them. Just ask them!"
Consumers don't always realize they are eligible to join a credit union, when in fact, everyone in Georgia can join one of these cooperative member-owned financial institutions.
And the financial benefits of credit union membership apply across the board.
The report shows the interest rate for a new car loan at a Georgia credit union averaged 2.52 percent, compared to 4.69 percent at a Georgia bank. This means a Georgia resident financing a new $25,000 automobile for 60 months at a credit union would save an average of $293 per year in interest compared to a loan from a Georgia bank.
In addition to auto loans, credit unions offer lower interest rates for 5- and 15-year adjustable rate first mortgages, as well as home equity second mortgages. Credit unions also have a lower interest rate for both classic and platinum cards. Savings accounts, IRA accounts, money market accounts and regular savings accounts all collected more interest at Georgia's credit unions than at Georgia banks.
Furthermore, credit unions also charge lower fees. Credit card late fees averaged nearly $10 less at Georgia credit unions, and the average mortgage closing fees were more than $200 lower than those charged by Georgia banks.
In addition to significant financial benefits, credit union members in Georgia enjoy the convenience of access to more than 400 branches – many of which participate in a shared branching network – and a surcharge-free ATM network. The 2.1 million Georgia consumers who choose credit unions for their financial services continue to affirm credit unions' value proposition, and total assets exceed $2.1 billion.
For more information and to find your credit union, visit www.asmarterchoice.org.
SOURCE Georgia Credit Union Affiliates