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PRESS RELEASE
Contact: Julie Linder
For Immediate Release May 20, 2021
(573)268-0639
JLinder@TogetherCU.org
Together Credit Union’s Direct Financial Benefits to Members Exceeds State & National Averages
Saint Louis, MO – The Credit Union National Association (CUNA) presented Together Credit Union with a Certificate of Excellence for providing $26,277,089 in direct financial benefits to its 134,000+ members.* These benefits are equivalent to approximately $410 per member household and $2,320 in direct financial benefits to high-use member households.
“To help our members achieve their financial goals, we reinvest our earnings. This enables us to charge less for loans, pay more on deposits, and have fewer and lower-priced fees compared to other financial institutions,” said President and CEO Bob McK- ay. “We also empower our members to make sound financial decisions by providing access to educational resources and expert advice.”
CUNA’s Membership Benefits Report estimates total benefits of credit union membership by calculating differences between credit union and bank pricing. Specifically, average credit union savings account yields, loan interest rates and fees are com- pared to average bank savings account yields, loan interest rates and fees. The interest rate differences are applied to respective average credit union loan and savings balances. Fee differences are weighted and applied to credit union non-interest income to obtain the total estimated benefits arising from fees.
Together Credit Union’s direct financial benefits are above the state average of $106 per member and $222 per member house- hold. Together Credit Union also exceed the national household benefit average of $221 and the high-use member households benefit average of $529.**
CUNA’s report also noted Missouri credit unions paid members higher than average dividends on regular saving accounts, shared draft checking accounts, money market accounts, certificate accounts, and IRAs.
For more information regarding this announcement, contact Julie Linder, Together Credit Union’s PR & Events Strategist, by call- ing (573)268-0639.
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*Direct financial benefits provided during the twelve months ending in September 2020. **National household benefit average for third quarter of 2020.
ABOUT: For more than 80 years, Together Credit Union has served as a trusted financial partner, empowering more than 134,000 Members nationwide to achieve their goals. As a result, the Credit Union is recognized as a two-time Best-In-State Credit Union by Forbes Magazine and chosen as a philanthropic honoree by both the Credit Union National Association and the St. Louis Regional Chamber.
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