Credit unions in Alabama and Florida save members $489 million
08/05/2010 11:54 am
Being a member of a credit union in Alabama and Florida meant significant savings. CUNA estimates, in a benefits of membership report, that Alabama credit union members saved $182 million or $200 per household. To put it in greater perspective, if a member took out a $25,000 new auto loan with an Alabama credit union, the savings over the five years of the loan would $333 per year had they gotten a loan at another financial institution in the state. In Florida, members saved $317 million or $136 per household. To use the new auto loan example in Florida, the savings would be $187 per year.
The CUNA Benefits of Membership Report also looks at the fees taken in by banks and credit unions in the two states and then breaks down the savings through nine loan categories and six savings categories. There is a page of the average interest rate and fees between banks and credit unions in each state. CUNA also estimates that members that use a credit union in Alabama or Florida for most of their normal financial business see even more significant savings. We have posted the report for either state on our
Research and Economic Data page on our website. It is password protected so you will need to login to see it. If you don't have a password, click logon and request one.