EWING, N.J.
Its known that credit unions exist to provide financial benefits of lower loan rates, higher savings rates, and fewer fees than the average banking institution. But how much does that really equate to? A recent CUNA study shows that the Credit Union of New Jersey (CUNJ) member-owners saved $4,174,750 in 2014. That is a savings of $99 per member-owner or $188 per household, on average. Furthermore, loyal high-use households who have a deeper relationship with CUNJ saved, on average, $1,487 per household.
The comparative study compared CUNJ rates/fees vs. NJ Bank rates/fees relative to the member household balances at CUNJ. President and CEO Andrew L. Jaeger states, "Its in our Brand Promise to our members, We will give you a good deal. Quantifying how CUNJ gives its members a good deal just merely shows that CUNJ stays true to its promise. Its a pleasure knowing we are continuing the financial cooperative tradition of saving our members significant money, something we have done for over 70 years."
