The Credit Union National Association’s 2018 mid-year Nebraska Membership Report confirms credit union members enjoy significant financial benefits. According to Datatrac, the research firm behind CUNA’s report, credit unions provided the state’s 506,330 credit union members $40,664,055 in direct financial benefits in the 12-month period ending in June. This is equivalent to $80 for each credit union member, or $169 per member household.
Nebraska credit unions focus their efforts on creating tangible value for their members because they are member-owned and democratically structured. Unlike a for-profit financial service provider, which is obligated to maximize profits to third-party shareholders, a credit union’s revenues are used for the benefit of its members. Credit union members often enjoy non-surcharge ATM services, better interest rates and lower service fees.
An example cited in Datatrac’s report indicates financing a new $25,000 automobile for 60 months at a typical Nebraska credit union would save borrowers more than $1,115 in interest over the life of the loan.
Overall, credit unions offer lower average interest rates on new and used car loans, personal unsecured loans, home equity loans and credit cards.
Nebraska’s estimated population stood at 1.93 million in 2018. Credit union members currently make up about 26% of the state’s population.
With nearly 150 branches and total assets exceeding $4.7 billion, Nebraska’s credit unions are financially strong, convenient and provide great value to their member-owners.