Discover why credit unions offer a better value for a better way of life. Not-for-profit credit unions are financial cooperatives that serve their members financial needs.
10. Credit Union Essentials Hawaii Credit Unions: Pay members higher average returns on regular savings, share draft checking, money market accounts, certificate of deposit accounts, and IRAs.
11. Credit Union Essentials Hawaii Credit Unions: Not only offer lower average rates on new and used auto loans, but also on personal loans, credit cards, and more!
12. Credit Union Essentials The per-member and per-household benefits delivered by Hawaii credit unions are substantial. These benefits are equivalent to $131 per member or $249 per member household. Financing a $25,000 new automobile for 60 months at a Hawaii credit union will save members an average $179 per year in interest expense compared to what they would pay at a banking institution in the state. *Source: CUNA’s Customized Analysis of Member Benefits for Hawaii December 2008
13. Credit Union Essentials Savings are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250K per account. NCUSIF is backed by the full faith and credit of the U.S. government.
Welcome to the Hawaii Credit Union League’s presentation: “The Credit Union Difference” This abbreviated version of the League’s full-day workshop illustrates the benefits of credit union membership and the value credit unions bring to its members and communities.
Agenda slide:The presentation covers the origins of Credit Union Motto, the Essential Differences of Credit Unions… and then how all of this applies to Hawaii’s credit union brand proposition: “A better value for a better way of life.” We will also offer some examples that give a clearer perspective of the benefits and importance of credit unions.
Not for profit credit unions operate to “serve their members”. Unlike non-profits, credit unions DO NOT rely on donations. Credit unions are expected to “turn” an economic profit, which it gives back to members as lower loan rates, higher savings yields, and even rebates. For-profit financial institutions are accountable to a select group of stockholders.Because of its not for profit structure and other reasons, credit unions are granted certain tax advantages and are not subject to the Community Reinvestment Act that banks are.
“To join a credit union” slide:Just about anyone who has the necessary money, can become a bank customer. However, to become a credit union MEMBER, you must meet certain criteria known as a “field of membership” or FOM. The FOM may be where you work, where you live , where you attend school, or where you worship. This “eligibility” requirement, while not always apparent, is a fundamental aspect of credit union membership.
Credit unions don’t have “for profit” stockholders. Each depositor is a member and part owner of the credit union.
For profit financial institutions have a paid board of directors, to serve and direct the organization. Credit union boards of directors are volunteers elected from its membership. As members of their credit union, volunteer boards are likely to set policies beneficial to the entire membership, rather than just profitable to a select few.
All members of a credit union have ONE vote, regardless of the amount of deposits they have at the credit union. The member/owners of the credit union utilize the services being offered. And since credit unions are directed by its member/owners, it is highly likely that services offered are in the best interest of the members.
The financial benefits of credit union membership are illustrated by the fact that a credit union’s excess income is returned to members in the form of better interest rates, and lower or no fees for services.
Here are some bottom line facts:Members generally earn higher returns on their deposits at credit unions.
Members generally enjoy lower rates on loans and credit cards at their credit union.
Credit union membership makes sense in a time when people are looking for the best value for their money. Members can save a substantial amount of money by using the products and services provided by their not-for-profit credit union.
Credit union deposits are SAFE! Each deposit is insured by an agency of the federal government.
A Better Value for a Better Way of Life:For these reasons the brand proposition: “Hawaii’s Credit Unions, A better value for a better way of life.” rings true for consumers who are credit union members.
