Tags: Business News, Community & Outreach
April 21, 2014ATLANTA – Georgia credit unions continue to help members afford life, saving them more than $124 million through better loan rates, higher saving rates and lower fees than banks in 2013, according to the latest Member Benefits Index (MBI) released by Georgia Credit Union Affiliates.
"As cooperatives, credit unions are owned by their members," said Judy Lehmann, president and CEO of Fidelity Federal Credit Union in Sandy Springs. "So they aren't about funneling profits to shareholders, they're about returning dividends to their members through lower loan rates and fewer fees. Credit unions exist for no other reason than to help their members afford life, and we're happy to see credit union membership in Georgia continuing to grow."
The MBI illustrates that the average interest rate for 60-month new car loans in 2013 at Georgia credit unions was 2.81 percent, compared to 3.61 percent at the state's banking institutions.
For pre-owned cars, the MBI revealed the average interest rate at Georgia credit unions for a 48-month used car loan was 3.05 percent in 2013 - 1.28 points lower than banks (4.33 percent).
Taking advantage of these savings, and appreciating the service they enjoy as member-owners of their financial cooperatives, Georgia consumers continued to join credit unions in 2013.
Up 2.2 percent, membership at Georgia credit unions now stands just shy of 2 million members.
For more information about Georgia credit unions, visit http://www.gcua.org.