$4M in 2012 – what will it be in 2013?
(October 2, 2013) — It’s known that Credit Unions exist to provide financial benefits of lower loan rates, higher savings rates, and fewer fees than the average banking institution. But how much does that really equate to? A recent study* shows that the 42,947 Credit Union of New Jersey (CUNJ) member-owners saved $3,998,578 in 2012. That is a savings of $93 per member-owner or $177 per household, on average. Furthermore, loyal high-use households who have a deeper relationship with CUNJ saved, on average, $1,122 per household.
The comparative study compared CUNJ rates/fees vs. NJ Bank rates/fees relative to the member household balances at CUNJ. It can be noted that the largest savings to CUNJ member households was $1,790,657 in Home Equity/2nd Mortgages and $1,180,553 in Auto Loans. President and CEO, Andrew L. Jaeger states, “It’s in our Brand Promise to our members, ‘We will give you a good deal’. Quantifying how CUNJ gives its members a good deal just merely shows that CUNJ stays true to its promise. It’s a pleasure knowing we are continuing the financial cooperative tradition of saving our members significant money, something we have done for 70 years.”
In 2013, while celebrating its 70th anniversary, CUNJ has lived its promise by offering some very appealing rates on loans and in the 4th quarter, CUNJ is challenging its members to a Refi Challenge. ” ‘Giving members a good deal’ is part of our brand promise, but we don’t only want to give members a good deal – we want to give them a better deal and show that their credit union has their best interest in mind,” states Robin Hickey, VP of Marketing and Business Development. “It will be exciting to see the study next year to see how much we were able to save our members in our 70th year.”
Credit Union of New Jersey provides financial services to nearly 43,000 members through six full-service offices located in Mercer & Burlington Counties and an E- branch at CUNJ.org. Established in 1943, the over $325 million credit union is headquartered in Ewing Township. Membership information and current rates may be obtained by calling 609-538-4061 or visiting www.CUNJ.org.
*Source: Credit Union National Association