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
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
16 minutes ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
1 hour ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
3 hours ago
#creditunions, members share #databreach stories with media http://t.co/hGsnpkov8R
3 hours ago
.@CUCB #Creditunion #CherryBlossom Run registration transfer period is 2/1 - 2/28. Read more here: http://t.co/wup6XPWtcC 2of2
4 hours ago