NEW YORK (8/21/13)--Five key areas in which credit unions typically give back to their members were outlined by the Credit Union National Association in a Tuesday Bankrate.com
Because credit unions are nonprofit institutions, they give back generous perks to members such as free online classes, college scholarships, discounts on car loans, and even cash dividends, said the article, "5 credit union benefits worth scooping up."
The free service and items are reminders to members that credit unions are mutually owned, Mike Schenk, CUNA vice president of economics and statistics, told Bankrate
. To find those perks, members should look in their credit union's membership statement, he added.
Also when looking for a credit union to join, consumers should ask the institution how it rewards its members, Schenk said.
Five areas in which credit unions give back to members are:
College scholarships. Roughly half of U.S. credit unions offer their members college scholarships, Schenk told Bankrate. Although recipients are often evaluated for their community service and academic performance, many programs differ in criteria.
Product discounts. Credit union members nationwide can take part in Invest in America, a credit union national awards program offering discounts on products such as computers, cars and mobile devices.
Free financial literacy programs. Most credit unions offer educational courses, with many of them online, Schenk told Bankrate.
Bonus dividends. Credit unions reward members in many ways. One way is to pay annual dividends to members--usually if the fiscal year turned out better than expected--said Schenk to Bankrate. Length of membership or account size may be among criteria for determining who qualifies for a dividend, he added.
Savings reward programs. Credit unions are known for their prize-linked savings programs. One of the most popular is Save to Win, a lottery-type program that provides savers with opportunities to win cash prizes. Four states--Michigan, Nebraska, North Carolina and Washington--currently offer the program.
To see the article, use the link.
In another media mention for CUNA, Bloomberg BNA
picked up a story in which Mary Dunn, CUNA deputy counsel, said a proposed accounting standards update that defines a Public Business Entity will allow credit unions as non-public entities to qualify for more flexible accounting requirements (Aug. 19). The Financial Accounting Standards Board issued the update Aug. 7, with comments due Sept. 20.