August 7, 2019

TAGGED AS: 1st United News

The Credit Union National Association (CUNA) estimated in a recent report that 1st United Credit Union provided $11,326,062 in direct financial benefits to its members during the twelve months ending March 2019. This equates to an average of $186 per member or $391 per member household. 

Additional data provided by Datatrac, an independent research firm, cited an example of a home equity loan providing an average savings of $4,404 in interest expense over a 15-year term, compared to what a consumer would pay at a banking institution in the state. 

Credit unions are not-for-profit financial institutions and our members are our owners. Because we reinvest our earnings back into the Credit Union instead of paying shareholders, our members can achieve this level of financial benefit.

The report also stated that 1st United offers lower loan rates than state banking institutions on fixed-rate first mortgages, adjustable-rate first mortgages, home equity loans, personal unsecured loans, credit cards, new car loans, and used car loans. They also pay members higher dividends than banking institutions on certificate accounts and IRAs.

To learn more about 1st United Credit Union and read the full at https://1stunitedcu.org/member-benefits.