Credit Unions Reach 100 Million Memberships Milestone – Washington
August 5, 2014
FOR IMMEDIATE RELEASE
August 5, 2014
Credit Unions Reach 100 Million Memberships Milestone
Equates to One in Every Three Americans
SEATAC, WASHINGTON — Credit unions have reached and surpassed 100 million memberships nationwide — equating to one in every three Americans — the Northwest Credit Union Association announced today. The 100 million memberships count is based on data collected from credit unions and compiled by the Credit Union National Association in its June 2014 “Monthly Credit Union Estimates.” Over 2.85 million new members joined a credit union last year, the largest reported increase in more than a quarter century.
As cooperatives, credit unions are owned and governed by their members, and exist solely to serve their members. Unlike banks, credit unions do not have stockholders to pay, meaning earnings are returned to members in the form of lower fees and better loan rates.
Paid to the order of Washington credit union members: $201 million in savings!
- Over 3 million Washingtonians are credit union members.
- They collectively received over $201 million last year in direct financial benefits.
- Washington’s credit unions charged their members $30 million less in fees than banks would have charged them.
- Credit unions in Washington saved their members $58 million in credit card interest.
- Washington consumers with credit-union-financed auto loans paid $75 million less in interest than they would have paid with a bank loan.
(Source: CUNA, NCUA, and DataTrac analysis for the 12-month period ending in March 2013)
Contact a local credit union today for a great story about how real people are saving real money.
The Northwest Credit Union Association is the not-for-profit trade association representing 165 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.
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