HAUPPAUGE, N.Y. (7/23/12)--Teachers FCU (TFCU), based in Hauppauge, N.Y., with $4 billion in assets, announced TFCU members received more than $38.76 million in direct financial benefits during 2011.
TFCU said the statistics are from the Membership Benefits Report, recently published by the Credit Union National Association (CUNA).
Those benefits are equivalent to $179 per member or $340 per member household. Also, CUNA estimates that TFCU provided each loyal high-use member household $1,449 in direct financial benefits during 2011.
The report compared TFCU's dividend rates, loan rates and fees to those of banking institutions in the state. It combines those comparisons with TFCU's call report data to develop an overall estimate of the annual financial benefits TFCU provides members.
"TFCU excels in providing member benefits on many loan and savings products," the CUNA report said. "In particular, TFCU offers lower loan rates on the following accounts: new car loans, used-car loans, personal unsecured loans, first-mortgage fixed-rate loans, first-mortgage adjustable-rate loans, home equity loans and credit card loans. TFCU also pays its members higher dividends on the following accounts: regular savings, money market accounts, certificate accounts, and individual retirement accounts (IRAs). "
"Across New York state and the nation, members have access to over 4,500 locations, a number greater than or equal to many of the nation's largest banks," said Robert Allen, TFCU president/CEO. "The CUNA analysis confirms TFCU's commitment to quality services in spite of the lagging economic climate of 2011."