BURNSVILLE, Minn.–Firefly Credit Union has released its 2017 Member Value Report, which seeks to quantify the value each member receives by being a member of the credit union vs. obtaining services elsewhere.
The $1.2-billion Firefly CU’s report uses each member’s accounts with the credit union and compares those with what the member would have paid or earned elsewhere.
As an example, Firefly CU said that if a member had a savings account, he/she would have saved $55 in fees and other costs compared to holding that savings account in a local bank. For checking accounts, that value to individual members was $130; for MMAS, $269, and for home equity loans, $438.
In all, Firefly’s Member Value Report said the credit union delivered a “collective member value” of more than $24 million to its membership, or an average annual “individual member value” of just over $350. For those members with more than three unique Firefly CU products, the value rose to an average of $550, the credit union said.