Credit Unions: The Best Financial Services Gift to Americans—Ever – Washington
June 26, 2014
FOR IMMEDIATE RELEASE: 80th Anniversary of Federal Credit Union Act
Thursday, June 26, 2014
Credit Unions: The Best Financial Services Gift to Americans–Ever.
SeaTac, WA — When President Franklin Roosevelt signed the Federal Credit Union Act 80 years ago today, he may not have realized he was giving Americans the greatest financial services gift–ever.
Today, nearly 100 million Americans belong to a credit union. Over 3 million Washingtonians enjoy membership in one of the state’s 106 credit unions.
As member-driven cooperatives, credit unions are not paying shareholders; they are paying you, the member. All earnings in excess of operating expenses are returned to members through lower fees and better rates. Washington credit union members collectively saved nearly $202 million last year!
- Consumers who borrowed from credit unions saved $75 million in interest on new and used car loans.
- Credit union members paid $58 million less in interest on their credit cards, compared to going rates charged by banks.
- Credit unions paid their members $29 million more in interest on their IRAs, share draft checking, money market accounts and other savings products than banks would have paid them.
Connect with one of your local credit unions today and meet some real members who are receiving real savings. It’s a story consumers will appreciate.
Thank you, FDR. Why bank when you can credit union?
The Northwest Credit Union Association is the not-for-profit trade association representing more than 160 of Oregon and Washington’s credit unions and their 4.5 million members. The NWCUA is the voice of the Northwest credit union movement, providing legislative, regulatory and public advocacy in addition to education, compliance, networking support and business solutions to its members. For information on how to join a credit union, please visit http://www.asmarterchoice.org.
Posted in Article Post.