How Are Credit Unions Lining Members' Pockets?

Consumers that conduct their financial business with credit unions rather than banks enjoy an annual benefit of $69 per member, or $131 per household, CUNA estimates.

 
 

Loan Products Interest Rate Comparison
Data as of June 30
Source: CUNA

In nearly every loan product category, credit unions offer members more favorable rates compared to national bank rate averages.

 

Savings Products Interest Rate Comparison
Data as of June 30
Source: CUNA

Higher dividend payments help credit unions deliver more value in their savings products.

 

Cumulative Credit Union Loan Rate Benefits ($ millions)
Data as of June 30
Source: CUNA

Credit union products save members money. Notably, members that financed used car loans through credit unions saved more than $1.6 billion in aggregate as of midyear 2014.

 

Cumulative Credit Union Savings Rate Benefits ($ millions)
Data as of June 30
Source: CUNA

Credit unions offer better rates across a range of savings products. Specifically, credit unions gave members with regular share accounts an additional $339 million in dividend payouts.

 

Consumer Loan Product Penetration Rates
Data as of September 30
© Callahan & Associates | www.creditunions.com

Members are increasingly using credit unions for their consumer loan financing needs.

Source: Callahan & Associates

 

Member Relationships
Data as of Sept. 30, 2014
© Callahan & Associates | www.creditunions.com

  CUs < $50M CUs $50M-$100M CUs $100M-$250M CUs $250M-$500M CUs $500M-$1B CUs > $1B All CUs
Overall Relationship
Members/Potential Members 5.06% 3.69% 4.12% 4.04% 4.32% 8.22% 5.45%
# of Loan & Share Accts Per Member 1.97 2.23 2.27 2.36 2.44 2.56 2.41
Average Member Relationship $9,276 $12,093 $13,635 $15,292 $16,741 $19,618 $16,555
Shares
# of Share Accts Per Member 1.55 1.75 1.79 1.86 1.90 1.97 1.87
$ Average Share Balance $5,873 $7,427 $8,038 $8,895 $9,509 $10,965 $9,471
Annualized Dividends Per Member $15.6 $21.8 $26.1 $351.7 $32.6 $51.3 $38.0
Loans
# of Loan Accts Per Member 0.42 0.48 0.49 0.51 0.54 0.58 0.54
$ Average Loan Balance $8,060 $9,578 $11,419 $12,565 $13,348 $14,713 $13,150
Earnings & Productivity
Annualized Total Income Per Member $294 $396 $441 $490 $524 $593 $513
Annualized Fee Income Per Member $48 $71 $81 $83 $86 $71 $74
Annualized Op. Expenses Per Member $244 $311 $335 $357 $370 $350 $340
Members/FT Equivalent Employees 419.9 376.4 351.7 348.6 352.2 415.8 386.1

Source: Callahan & Associates

 
 

Jan. 5, 2015


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