In a recent estimate by credit union associations, 90 million credit union members across the country saved a combined $8 billion a year because of the great rates and reduced fees you find at a credit union.
We wanted to know where we fell in this statistic, so Golden 1 commissioned a study by Dr. William Jackson III*, a recognized financial economist.
What Dr. Jackson found was exciting. Based on his estimates, Golden 1 members received a total savings of over $80 million in 2006.
Here’s the breakdown:
As you can see from the data Golden 1 members earned back the most from receiving higher dividend rates on saving’s accounts–over $36 million. Next, was a savings of over $28 million for lower rates on Golden 1 loans. Members also saved an impressive $11+ million on lower fees compared to what they would have been charged at a traditional bank. Finally, members that have our Golden 1 Visa® card got the benefit of a combined $4+ million from our 1% rebate on purchases.
We were pleased to see such impressive numbers in this study, which confirmed that we provide real value and benefits that aide in the financial well-being and stability of our membership.
* Dr. Jackson holds the appointments of Professor of Finance, Professor of Management, and the Smith Foundation Endowed Chair of Business Integrity in the Culverhouse College of Commerce at the University of Alabama. Before joining the faculty at the University of Alabama, Dr. Jackson was a financial economist and associate policy advisor in the Research Department at the Federal Reserve Bank of Atlanta. Dr. Jackson’s research has been published in some of the leading academic journals in the areas of empirical economics, management, financial institutions and financial markets.
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