The National Association of Federally-Insured Credit Unions (NAFCU) today launched a new video, “Credit Unions: Banking Without Bankers,” and presented it to its member credit unions to help mark the association’s 50th anniversary. The video is designed to help spread the word about the value credit unions provide to American consumers nationwide.
“Credit unions—not-for-profit, member-focused financial cooperatives—are unique and have Main Street values that put people before profits and ensure outstanding service, competitive rates and low fees,” said NAFCU President and CEO Dan Berger. “In fact, a recent study shows that credit unions’ presence in the financial marketplace saves consumers $16 billion a year. Everybody wins with credit unions.”
Credit unions deliver numerous advantages to consumers, as the study shows. For example:
- The total benefit to U.S. consumers from the presence of credit unions in financial markets was $159 billion over the 10 years covered by the study, or $16 billion per year.
- Credit unions outperformed banks by offering lower interest rates on loans and higher returns on savings and deposits.
- The direct benefits to credit union members of these better loan and deposit rates were estimated to range from $4.4 billion to $6.9 billion annually for the period 2006-2015.
- Total credit union member benefits over the 2006-2015 period were estimated to be $56.7 billion.
- Bank customers benefitted from credit unions as well (due to the competition from credit unions) by an estimated $102.2 billion from 2006-2015.
“We hope this video will help consumers better understand the credit union difference. We want to inspire more Americans to join credit unions and to enjoy the benefits of credit union membership,” Berger said. “Credit unions help people achieve the American dream of home ownership, buying a car, and building or expanding their small business.”
At most credit unions, you can open an account for as little as $5. Credit unions offer a wide range of products, including savings and checking accounts, debit cards, credit cards and auto and mortgage loans, as well as online banking. They also offer access to tens of thousands of free ATMs nationwide.