COLUMBIA, S.C./RALEIGH, N.C.–New analysis released by the Carolinas Credit Union League has found nearly6.5 million Carolinians shared $526.7 million in direct benefits as credit union members in 2022. The findings are based on data compiled by CUNA Economics and Statistics.
On average, North Carolina benefits were $84 per member and $176 per member household, and in South Carolina were $73 per member and $153 per member household, the league said.
In addition, the average North Carolina credit union rate of 4.99% for a 60-month, $25,000 new car loan would save a borrower $62 in annual interest and $310 over the life of the loan compared to the average bank rate of 5.44% in the Tar Heel State.
In South Carolina, the credit union average of 4.57% on the same loan would save a borrower $83 in annual interest and $415 total compared to the average bank rate of 5.17% in the Palmetto State.
In both states, average mortgage closing costs were $210 less at credit unions than through banks, and credit card late fees averaged nearly $10 less at credit unions, the league said.
‘Top Priority’
"As consumers look for steady financial partners, credit unions have again shown that their members are top priority," Carolinas Credit Union League President and CEO Dan Schline said. “Throughout North and South Carolina, community-based credit unions are a smart choice for anyone looking to keep more in their pockets for their own best interests."
The Specifics
Among the specific member benefits highlighted by the league were:
- Founders FCU (Lancaster, SC) announced during Super Bowl LVII its largest-ever return of $20M in Super Loyalty Bonus Dividends based on dividends earned and interest paid in 2022.
- Similar year-end loyalty dividends paid in December 2022 included $1 million by Fort Bragg FCU (Fayetteville, NC) and $1.5 million each by SRP Federal Credit Union (N. Augusta, SC) and SAFE Federal Credit Union (Sumter, SC).
For additional information: NC Membership Benefits Report and SC Membership Benefits Report.
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