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Credit Union Membership is
Worth Hundreds
Did you know you’re saving money--maybe hundreds of dollars a
year--just by being an My Credit Union member?
Credit unions typically charge fewer and lower fees than other
financial institutions, according to the Credit Union National
Association’s (CUNA) latest fees report.
A report issued by the U.S. Public Interest Research Group
(U.S. PIRG) in 2001 found that consumers using regular
checking accounts at credit unions could save $90 a year
compared with what they would pay for checking at small
community banks and $165 a year compared with what they would
pay at the 300 largest banks.
But it’s the members with ATM (automated teller machine) cards
and credit cards who experience the biggest savings. While
most credit unions use fees to help deliver affordable ATM and
debit services to members, credit union fees remain lower than
of those other financial institutions. The most common
surcharge fee for credit union members is no charge or $1,
while the typical surcharge fee among all financial
institutions is $1.50. The amounts may sound small, but they
add up: The average credit union member using an ATM conducts
seven transactions a month, 84 transactions a year.
According to a survey conducted by Bankrate.com in 2000, about
two-thirds of credit union cards featured fixed annual
percentage rates, with an average cost of 3 percentage points
less than bank-issued cards. Less than a third of bank-issued
cards have fixed rates and their cost has steadily increased
in the past 12 months.
Credit unions offer better value because they are nonprofit
institutions owned and controlled by their members. Banks are
owned by stockholders who want solid returns on their
investments.
“Bottom line: If you’re looking for a safe place to save and
borrow, without getting nickeled and dimed to death, credit
unions are the best deal--bar none,” says Gary Schatsky, chief
executive officer of Independent Financial Counselors in New
York.
So visit My Credit Union to see how much more
you can save by using our services.
Copyright 2003 Credit Union National
Association, Inc. Information subject to change without
notice. All other rights reserved. |
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