Your Credit Union: The More You Use It, the More You Save

Did you know that in the last calendar year, America’s credit unions provided their members nationwide with $7.3 billion in financial benefits? That’s an average of $140 per member household according to Credit Union National Association’s economics and statistics department.

Credit unions save members money by charging lower interest rates on loans and paying higher interest or dividends on deposit accounts and investments. They also charge fewer and lower fees. So the more you use our credit union, the more you save.

Consider this: Financing a $25,000 new car for 60 months at Hopewell Federal Credit Union would save you an average of $161 per year in interest expense compared to what you would pay at a banking institution. That’s $805 in savings over five years. And we pay higher interest on money market accounts than the average bank in the state does.

The main reason Hopewell Federal Credit Union can offer a better value is that we’re a member-owned, not-for-profit cooperative. We exist to meet members’ needs, not to make a profit and maximize the wealth of outside shareholders, as banks do.

Consumers recognize and value credit union financial benefits. Furthermore, a variety of surveys consistently show that members see credit unions as more trustworthy and believe they deliver superior member service. For example:

• The Financial Trust Index from the Chicago Booth/Kellogg School reported that trust in U.S banks stood at 35% at year-end 2013. In contrast, trust in credit unions was highest among all financial firms—58% at year-end 2013.
• The American Customer Satisfaction Index reported consumer satisfaction with credit unions broke all records for 2011 and remained well above the bank average in both 2012 and 2013, and 2014. Credit unions’ score in 2014 was 85 (on a scale of 0 to 100), while banks scored 76.
• Recent credit union membership growth makes it clear that the public values the credit union difference. Credit union memberships are now growing at more than two times the rate of U.S. population growth. Today, credit unions claim 100 million memberships—a total equal to 32% of the U.S. population.

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