Central City Credit Union: Bank Transfer Day urges customers of big banks to switch to credit unions

Paul Kurth, Marketing Manager, [email protected], http://www.centralcitycu.com
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(Stevens Point, Wisc) — With thousands of consumers pledging to move their money to a credit union by Nov. 5 as part of “Bank Transfer Day,” Central City Credit Union reports it is already accepting new members now.

“Every day is a good day to join a credit union,” said Central City Credit Union President/CEO Pat Wesenberg. “Now is the time to become one of more than 92 million Americans nationwide who are already enjoying the advantages of credit union membership.”

Wesenberg has already seen an influx of new members: More than 240 new checking accounts have been opened during August and September 2011, representing a 140% increase over the same time period of one year ago.

Wesenberg said consumers that do make the switch will find that on just about any given day, on average, credit unions offer higher return on most savings, lower rates on most loans, and lower (or no) fees than other financial institutions charge. See the national daily rate comparison at http://creditunion.coop/ratedex.php.

In fact, the Credit Union National Association (CUNA) estimates that, over the last year (12 months ending June ’11), the average credit union member saved $69 (and $132 per household) just by doing business at a credit union. And that’s on average; the more a consumer does with a credit union, the more the consumer saves.

For example: Financing a $25,000 new car for 60 months at a credit union would save a credit union member an average of $174 each year in interest expense compared to what that member would pay at a bank. That’s about $1,000 in savings over five years.

Wesenberg pointed out that in 2010 Wisconsin credit unions combined to save members $203 million dollars on financial products compared to banks according to the 2010 Wisconsin Credit Union League Scorecard. That is an average of over $97 per member.

“Credit unions are unique among financial institutions,” Wesenberg said. “Banks and other financial institutions exist to maximize profits to their shareholders; credit unions exist solely to maximize service to their members. Credit unions are not-for-profit financial cooperatives, organized solely to meet the needs of their members, who govern the institution.“

“Make your best decision based on your needs and that of your family,” Wesenberg added. “If you like saving money, and conducting your financial business at a place that focuses on your needs, join a credit union.”

Central City Credit Union is a not-for-profit, financial institution with over 23,000 members serving Adams, Clark, Portage, Marathon, Shawano, Waupaca, Waushara, and Wood Counties and operates 3 of Wisconsin’s 109 in-school credit unions. Central City was awarded the 2011 Desjardins Youth Financial Education Award for teaching youth about financial matters.