Altogether, California and Nevada credit unions provided nearly $2.59 billion in direct financial benefits to 14.2 million members during the twelve months ending December 2023 from better interest rates on deposit accounts and loans, as well as lower-cost fees.
These financial benefits are equivalent to hundreds of dollars per member and member-household annually, according to the most recent analysis by America’s Credit Unions (ACU).
Furthermore, loyal members — those who use California and Nevada credit unions extensively — often receive total financial benefits that are much greater than the average.
California Report: $2.52 Billion in Financial Benefits
California credit unions provided nearly $2.52 billion in direct financial benefits to the state’s 13.8 million members during the twelve months ending December 2023 from better interest rates on deposit accounts and loans, as well as lower-cost fees.
These financial benefits are equivalent to $182 per member or $383 per member-household per year. You can view the entire California Membership Benefits Report.
For example, financing a $25,000 new automobile for 60 months at a California credit union will save members an average $108 per year in interest expense compared to what the member would pay at a banking institution in the state, the report finds.
Nevada Report: $68 Million in Financial Benefits
Nevada credit unions provided more than $68 million in direct financial benefits to the state’s 396,000 members during the twelve months ending December 2023 from better interest rates on deposit accounts and loans, as well as lower-cost fees.
These financial benefits are equivalent to $172 per member or $361 per member-household per year. You can view the entire Nevada Membership Benefits Report.
Financing a $25,000 new automobile for 60 months at a Nevada credit union will save members an average $24 per year in interest expense compared to what the member would pay at a banking institution in the state, the report finds.
‘Consumer Pulse’ Survey Highlights the CU Difference
Updated data from ACU’s Consumer Pulse Survey shows that the credit union difference resonates with members, including those of key demographic groups, according to the latest economic update from Mike Schenk, chief economist and deputy chief advocacy officer for policy analysis at ACU.
The Consumer Pulse Survey polled 2,500 consumers in February with questions centered on financial behaviors and outcomes, trustworthiness, and connections to the local community. Women, people of color, lower-income consumers, rural residents, military households, and business-owner households are among the key demographics studied in the survey.
“The survey results make it abundantly clear that credit union members view credit unions differently — and much more positively — than their counterparts view the institutions they use,” Schenk said. “That’s true basically across the board, in every metric we look at, in the demographic groups we focus on, and over time.”
The data indicates this stems from “credit unions’ more consultative approach, more consumer-friendly pricing thoughtful products and services, and an overall sense of trust fostered by member-ownership.”
It also shows credit union members:
Overall, the survey also reveals credit unions are seen as leaders in lending, providing affordable loans to their members. You can view the video presentation here!
