A young Wisconsinite can save $117,000 over a
lifetime using a credit union
- 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."
Lifetime credit union savings comes
Auto Loans - $5,163
Home Mortgage - $44,784
Home Equity - $59,120
Savings Certificate - $5,819
Checking, Savings & Other - $2,056
TOTAL - $116,942
Federal Reserve Survey of Consumer
Finances, Datatrac (Credit Union National Association)
"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
As part of International Credit Union
Day – Oct. 17 – and the
October observance of Co-op month,
credit unions are urging their members to visit www.DontTaxMyCreditUnion.org to advocate for their credit union’s continued tax
status as cooperatives that preserve billions of dollars in annual
benefits for consumers. More than 1 million credit
union members have already sent a message to Congress as it works on tax
Director of Communications
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.