The Benefits of Credit Unions to NC Consumers of Financial Services

Talking Points: The Benefits of Credit Unions to NC Consumers of Financial Services

Credit union members in NC saved $452 million in a year's time by doing business with a credit union. Bank customers also saved an estimated $77 million due to competition from credit unions. All told, credit unions in NC saved members and bank customers $529 million in 2006.
Credit union members saved money in a variety of ways, including nearly $170 million due to higher rates on deposits, almost $125 million due to lower loan rates, and nearly $159 million due to lower fees.
Bank customers also saved money because of the presence of credit unions. Bank customers saved nearly $31 million due to the presence of credit unions in areas where they bank, while bank customers saved a whopping $46 million in a year by using the No-Surcharge ATM Network!
While the savings total is impressive, the real achievement is that credit union members and consumers had more money at their disposal. As a result, credit unions are helping hard-working residents invest in the NC economy, creating economic opportunity throughout the State!
The study once again shows the value credit unions bring to their nearly three million members, as well as all of NC!