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 GenFed could 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 GenFed 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:
When you look at credit unions vs. banks, the difference matters.