Every year the Credit Union Nation Association (CUNA) conducts a Membership Benefits Report for Ascentra Credit Union that shows that estimates that members received $6.9 million in direct financial benefits during the twelve months ending in December 2017(1).
These benefits are equivalent to $184 per member or $387 per member household(2).
The per-member and per-household member benefits delivered by Ascentra Credit Union are substantial. However, these benefits are reported as averages. Mathematically, that means that total benefits are divided across all members (or all member households) – even those who conduct very little financial business with the credit union.
For example, financing a $30,000 new automobile for 60 months at Ascentra will save members an average of $409 per year in interest expense compared to what they would pay at a banking institution in the state. That is approximately $2,045 in savings over 5 years.
Furthermore, loyal members (3) – those who use the credit union extensively – often receive total financial benefits that are much greater than the average.
CUNA estimates that Ascentra provided loyal high-use member households $1,351 in direct financial benefits during the twelve-month period.
The report recognizes Ascentra as excelling in providing member benefits in many loans and savings products. In particular, Ascentra offers lower loan rates on the following accounts: new car loans, used car loans, personal unsecured loans, first mortgage-fixed rate, first mortgage-adjustable rate, home equity loans, credit card loans.
Ascentra also pays its members higher dividends on the following accounts: regular savings, share draft checking, money market accounts, certificate accounts, IRAs.
Source: Datatrac, NCUA, and CUNA.
(1) Rates and fees as of 3/14/2018
(2) Assumes 2.1 credit union members per household.
(3) A "loyal member" is assumed to have a $30,000, 60-month new auto loan, a classic credit card with an average balance of $5,000, a $200,000, 30-year fixed rate mortgage (a 30-year fixed rate mortgage is replaced with a 5-year adjustable rate mortgage if it yields a greater benefits as it is assumed more in demand), $5,000 in an interest-bearing checking account, $10,000 in a one-year certificate account, and $2,500 in a money market account.