Report: Credit Unions Continue to Help People Afford Life

Florida residents received more than $589 million in direct financial benefits during 12 months ending in June 2019

News provided by

League of Southeastern Credit Unions & Affiliates

Dec 05, 2019, 12:45 ET

TALLAHASSEE, Fla., Dec. 5, 2019 /PRNewswire/ -- Florida credit unions continue to offer substantial financial benefits to members, according to the Credit Union National Association's Mid-Year 2019 Florida Membership Benefits Report.

According to Datatrac, the research firm behind CUNA's report, credit unions in the state provided their 5.8 million credit union members $589,765,589 in direct financial benefits during the 12 months ending in June. That means, on average, credit union members received the equivalent of $101 each and that households received an average of $212.

Credit unions are member-owned and democratic, allowing these not-for-profit financial institutions to focus their efforts on creating value for members. For-profit financial service providers are obliged to maximize profits for their third-party shareholders. But credit unions' unique structure allows them to use their revenues to directly benefit consumers. As a result, credit union members often enjoy better service and lower fees.

Credit unions also tend to offer lower average interest rates on personal unsecured loans, fixed-rate first mortgages, adjustable-rate first mortgages, home equity loans, credit cards and new and used auto loans. An example cited in Datatrac's report shows that financing a new $25,000 automobile for 60 months at a typical Florida credit union would save borrowers an average of $950 over the life of the loan.

Florida's population stood at 21.3 million as of June 2019, which means credit unions members made up about 27% of the state's population.

With 978 branches across the state and total assets exceeding $71 billion, Florida's credit unions are financially strong, convenient and provide great value. For more information or to find a credit union that's right for you, visit yourmoneyfurther.com.

About the League of Southeastern Credit Unions & Affiliates. The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU provides advocacy and regulatory information; education and training; cooperative initiatives (including financial education outreach); media relations and information; and business solutions. For more information, visit www.lscu.coop. Follow the League on Twitter or Facebook.

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SOURCE League of Southeastern Credit Unions & Affiliates