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15 April 2014

Georgia Credit Unions Saved Its Members $124 Million in 2013

Georgia credit unions continue to help members afford life, saving them more than $124 million through better loan rates, higher saving rates and lower fees than banks in 2013, according to the latest Member Benefits Index (MBI) released by Georgia Credit Union Affiliates.

"Credit unions are literally structured to serve members…there are no stockholders," said Mike Mercer, president and CEO of GCUA. "Buying a car to get back and forth to work, taking the kids on vacation once in awhile, putting a down payment on a house, saving for retirement - these are the things people look to their credit unions to help them with. Credit unions' only purpose is to deliver value to their members, and they do it in all kinds of ways."

The MBI illustrates that the average interest rate for 60-month new car loans in 2013 at Georgia credit unions was 2.81 percent, compared to 3.61 percent at the state's banking institutions. For pre-owned cars, the MBI revealed the average interest rate at Georgia credit unions for a used 48-month used car loan was 3.05 percent in 2013 – 1.28 points lower than banks (4.33 percent).

Taking advantage of these savings, and appreciating the service they enjoy as member-owners of their financial cooperatives, Georgia consumers continued to join credit unions in 2013. Up 2.2 percent, membership at Georgia credit unions now stands just shy of 2 million members.

Additional examples of how credit unions saved members more than banks include:

The Georgia Credit Union Member Benefits Index, based on data collected during the 12 months ending December 2013, is the latest installment in an ongoing series of reports that are updated on a semiannual basis. Compiled by the Credit Union National Association (CUNA), the report leverages information compiled from banking institutions and the state's 138 credit unions.

Georgia Credit Union Affiliates (GCUA) provides services and support that help credit unions meet the financial services needs of the state's more than 1.95 million credit union members. GCUA offers advocacy, educational, operational and marketing support for Georgia's 138 credit unions, with combined total assets of more than $19 billion. More information can be found at