Serving people, not profit
Since 1909, U.S. credit unions have served the public as not-for-profit financial institutions. Like banks, credit unions offer checking, savings, credit cards and loans. Unlike banks, they're owned by their members — not outside stockholders.
Why does it matter? As not-for-profit institutions, earnings go right back to members in the form of lower loan rates, higher savings rates, lower fees and fewer fees ... In fact, during the 12-month period ending in March 2017, credit unions provided $10,217,462,043 in direct financial benefits to the nation's 106,774,512 credit union members*.
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During the same 12-month period ending in March 2017*:
- Credit union credit cards averaged 5.4% less than banks, saving members $2.7 billion
- Credit union auto loans averaged 1.1% less than banks, saving members $3.3 billion
- The average credit union credit card late fee was 39% lower than the average bank fee
- The average credit union overdraft NSF fee was 10% lower than the average bank fee
- The average credit union mortgage closing cost was 18% lower than the average bank cost
- Credit union members earned an additional $2.3 billion through higher savings rates
- Credit union members, as always, had access to 30,000 surcharge-free ATMs nationwide
*Source: Credit Union National Association (CUNA), First Quarter 2017 Membership Benefits Report