A young Wisconsinite can save $117,000 over a lifetime using a credit union
Pewaukee, Wis. - A young person in Wisconsin can save as much as $117,000 over a lifetime of using a not-for-profit credit union for borrowing and saving.
"The financial benefits credit unions provide are remarkable," said Brett A. Thompson, President & CEO of the Wisconsin Credit Union League. "The earlier someone joins, the greater the benefit."
"Saving well over one hundred thousand dollars could help offset the many costs of higher education, raising a family, beginning a retirement nest egg, or pursuing a passion, like launching a small business," Thompson said. "And that figure doesn’t even take into consideration additional savings realized by consumers from the lower and fewer fees that are typical at credit unions."
Unlike profit-seeking banks that exist to maximize profits for shareholders, credit unions are financial cooperatives whose purpose is to benefit the members who do business with them. A credit union’s board of directors is elected from among the membership. Their role is to ensure that the credit union is encouraging thrift, creating a fair source of credit and providing an opportunity for its members to improve their economic and social conditions. Each member also has one vote at the credit union’s annual meeting regardless of his or her savings balances.
Since the start of the recession in 2007, Wisconsin credit unions’ 2.4 million members have saved more than $1 billion. Nationwide, between 2005 and 2011, credit unions have saved 93 million members between $4.3 billion and $8 billion each year. Moreover, their presence in the marketplace moderates the pricing of banks and other financial services providers, which provides approximately $10 billion in benefits to all consumers every year.
Credit unions have the largest ATM network in the country with 30,000 ATMs, providing members of participating credit unions free transactions, and the fourth largest branch network in America. Find a credit union to join by visiting www.asmarterchoice.org.