Hanscom FCU members get the equivalent of $644 in direct financial benefits each year. In other words, when our members use Hanscom FCU instead of a local or national bank for loans, checking and savings accounts, credit cards, or a mortgage, they end up with more money in their pockets.
How do we know the exact amount? Our national association, CUNA, compared our rates and fees to those of local and national banks and calculated the dollar amount members saved as a result.
We were recognized for the second year in a row for this achievement at CUNA’s annual conference last month. In all, ten credit unions from across the country were recognized.
Credit unions submitted dividend and loan rates and fees, which were then compared with bank rates and fees, and "we calculated how each credit union's members benefitted by using their credit union compared to local bank averages," said CUNA President/CEO Jim Nussle.
"I realize this is one possible measure of the enormous value that credit unions deliver to their members," Nussle added. "We haven't counted, for instance, their local involvement, their member education or counseling. Certainly there are many ways that you can look at this, but these are the special services that credit unions provide."
The importance of that benefit is underscored by CUNA’s Membership Benefits Performance Awards. These awards recognize credit unions that most strongly outperform the banking competition in their communities, as determined by a direct comparison of rates and fees.
That’s not the only reason to love credit unions. The same report shows that U.S. consumers benefit to the tune of $8.4 billion due to our presence in the marketplace. Our pricing means financial institutions must keep fees and rates lower to stay competitive.
Of course, being a credit union is not just about saving you money, it’s also about helping you manage money and use it to improve your life. Maybe you’ve opened a CU Thrive savings account to kick your savings into high gear. Or perhaps you have come to us for credit counseling or a free credit score enhancement.
We also provide community benefits, like teaching financial education classes to high school students and US service veterans, providing scholarships to high school seniors, and supporting local community activities.
Whether you look at the dollars and cents, the people who improve themselves, or the communities that thrive, there are many ways to measure the benefits from credit unions, and Hanscom FCU in particular.
To learn more about your credit union membership, watch this short video.