ATLANTA—Georgia credit union members reaped direct financial benefits of $129.9 million in 2014, according to the semi-annual Member Benefits Index released by Georgia Credit Union Affiliates.
During 2014, credit unions saved Georgia CU members $123 per household, according to the GCUA.
To illustrate an example, the GCUA said financing a new automobile at $25,000 for 60 months at a Georgia credit union would save an average of $500 in interest over the life of the loan compared to the same loan at the typical bank.
We're very pleased that the price comparisons continue to illustrate strong, tangible benefits for being a credit union member," said Mike Mercer, president and CEO of GCUA. "Especially in this environment of extremely low interest rates."
The GCUA said the benefits for Georgia credit union members were generated from $72.5 million in the form of lower interest rates on loan products, $33.1 million from higher return rates on savings products and $24.2 million from fewer and lower fees.