Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Young Wisconsinite Can Save $117K In Lifetime Using a CU
PEWAUKEE, Wis. (10/18/13)--A young person in Wisconsin can expect to save slightly less than $117,000 from a lifetime of credit union membership, according to Federal Reserve data.
 
The number was touted yesterday by the Wisconsin Credit Union League in honor of International Credit Union Day.
 
"Saving well over $100,000 could help offset the many costs of higher education, raising a family, beginning a retirement nest egg, or pursuing a passion, like launching a small business," said Brett A. Thompson, president/CEO of  the league. "And that figure doesn't even take into consideration additional savings realized by consumers from the lower and fewer fees that are typical at credit unions."
 
Broken down, the $116,942 in savings calculated by the Federal Reserve Survey of Consumer Finances shows that credit union membership nets members over their lifetime:
  • $5,163 on car loans;
  • $44,784 on mortgages;
  • $59,120 in home equity;
  • $5,819 on savings certificates; and
  • $2,056 on checking and savings accounts and other surcharges, including ATM fees.
Since the start of the recession in 2007, the league said, the state's credit unions have saved 2.4 million members over $1 billion.
 
The league noted that potential members can visit ASmarterChoice website operated by the Credit Union National Association--to locate a local credit union to join.
RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
20 hours ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
20 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
21 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
22 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
22 hours ago