The Credit Union National Association (CUNA) presented Together Credit Union with a Certificate of Excellence for providing $26,277,089 in direct financial benefits to its 134,000+ members.* These benefits are equivalent to approximately $410 per member household and $2,320 in direct financial benefits to high-use member households.
“To help our members achieve their financial goals, we reinvest our earnings. This enables us to charge less for loans, pay more on deposits, and have fewer and lower-priced fees compared to other financial institutions," said President and CEO Bob McKay. "We also empower our members to make sound financial decisions by providing access to educational resources and expert advice.”
CUNA’s Membership Benefits Report estimates total benefits of credit union membership by calculating differences between credit union and bank pricing. Specifically, average credit union savings account yields, loan interest rates and fees are compared to average bank savings account yields, loan interest rates and fees. The interest rate differences are applied to respective average credit union loan and savings balances. Fee differences are weighted and applied to credit union non-interest income to obtain the total estimated benefits arising from fees.
Together Credit Union’s direct financial benefits are above the state average of $106 per member and $222 per member household. Together Credit Union also exceed the national household benefit average of $221 and the high-use member households benefit average of $529.**
CUNA’s report also noted Missouri credit unions paid members higher than average dividends on regular saving accounts, shared draft checking accounts, money market accounts, certificate accounts, and IRAs.
For more information regarding this announcement, contact Julie Linder, Together Credit Union’s PR & Events Strategist, by calling (573)268-0639.