NAFCU: Credit Unions Generate Big Economic Benefits for ALL Americans
Credit unions are exempt from paying federal taxes but they still generate around $17 billion in benefits to Americans each year, according to The National Association of Federal Credit Unions.
In a new study, NAFCU said that credit unions directly benefit Americans – regardless of whether they are CU members or not. The study found that credit union members realized $51.5 billion in benefits over the nine-year span of the study by enjoying the lower fees and loan interest rates offered by CUs vs. banks.
However, bank customers also benefitted due to the competition posed by credit unions, which forced banks to keep fees and charges in check in an effort to stay competitive. NAFCU said that bank customers realized an estimated $101.4 billion in benefits over the same nine-year period covered by the study.
No wonder the big banks are lobbying to take away the federal tax exemption from CUs. They might cite “fairness” as a reason, but the truth is they just don’t like the competition. CUs routinely offer lower fees and better deals than banks, after all.
Americans who are bank customers should realize that they are benefitting from the competition offered by CUs. Better yet, they could simply join a CU and enjoy the best benefits first hand.
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