Credit Union Movement Writes Huge Savings “Check” to Northwest Members

“Better service and lower fees” is the phrase we often use to answer the question, “Why join a credit union?” The data for the 12 months ending in March 2014 tells a good story likely to recruit new members. Credit unions can access data and marketing resources in the NWCUA PR & Marketing Resource Center.

Washington’s three million members collectively saved nearly $202 million, while Oregon’s 1.4 million members saved over $78 million, according to an analysis by the Credit Union National Association (CUNA). The quarterly report is based on data collected by Datatrac and the NCUA, which tracked fees, loan rates and interest on savings at banks and credit unions.

Credit union members came out the clear winners in category after category.

For example in Washington:

  • Each member household saved at least $126;
  • Credit unions charged their members $30 million less in fees than banks were charging; and
  • Credit union members saved $58 million in credit card interest.

 

Oregon credit union members:

  • Saved $30 million in interest on auto loans;
  • Paid $12 million less in fees than banks’ going rates; and
  • Saved $16.5 million in credit card interest.

Questions about this story? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

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