A recent estimate by credit union trade associations stated that the nation’s 90 million credit union members save a combined $8 billion a year thanks to better interest rates and reduced fees at their credit unions.
To identify the financial benefit Golden 1 members receive through lower loan rates, higher savings rates and reduced fees, we commissioned a study to be completed by Dr. William E. Jackson III,* a recognized expert in this field.
Based on the estimates completed by Dr. Jackson, during 2006, Golden 1 members received a total financial benefit of at least $80,446,608.
The total savings include a financial benefit of about $28,275,417 from lower rates on loans. An additional source of benefit for our members was derived through the one percent rebate on all purchases made with Golden 1 Visa credit cards. This program alone resulted in an additional direct financial benefit of $4,388,162 to Golden 1 members in 2006. Through higher rates paid on savings, Golden 1 members benefited from an additional $36,088,615 in earnings. And as a result of lower fees, our members saved about $11,694,414 over the amount they would have been charged for the same services at commercial banks. By using The Golden 1 as their primary financial institution, members have a wonderful opportunity to benefit from our competitive products and services.
At Golden 1, we strive to provide all of our members with exceptional service as well as products and services which provide real value when compared to those of other financial institutions. We are very pleased with the outcome of this study as it helps to quantify the value of the benefits Golden 1 members receive. We realize that you are presented with many options when searching for financial services, and we appreciate your decision to take advantage of the many benefits offered to you through Golden 1.
* 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.
This credit union is federally insured by the National Credit Union Administration.
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