A new study from George Credit Union Affiliates has pinpointed the exact benefit the state’s CUs provide to members.
According to the Georgia Membership Benefits Report for Q3 2016, CUs in the Peach State deliver an average annual benefit of $165 per member household, or $87 per member. That news comes at the same time as Georgia State University economist Kenneth Heaghney has determined that the state’s economy outperformed the national economy during the 12-month period running from November 2015 to November 2016 (2.4% growth for Georgia, compared with 1.7% growth nationally).
The study also revealed that Georgia CUs beat the banks on auto rates by nearly almost a full percentage point, with the average credit union rate 2.4%, compared to 3.35% for banks. On a $25,000 car loan financed for a 60-month term, that’s $126 per year in interest, or a savings of $600 over the life of the loan. When it comes to fees, Georgia CUs’ credit card late fees were an average of almost $20 less than the banks, according to the study, with mortgage closing fees $200 lower than those of the banks.
"No matter which direction economic indicators are pointing, credit unions play a vital role in Georgia's economy," said Mike Mercer, president and CEO of GCUA. "They spur economic growth and provide residents with essential financial services. For Georgians, these member-owned, community-based institutions offer a better alternative for consumers."
While the Great Recession hit Georgia particularly hard, the state league is touting CUs with having helped the region bounce back – and, according to economist Heaghney, the state’s economy should continue to expand throughout 2017, meaning more good times ahead for credit unions there.
