More than 24,700 Georgians joined credit unions in 2011 wooed by lower fees and better rates.
That’s according to the Members Benefits Index from the Georgia Credit Union Affiliates. The report revealed that the state’s credit unions provided $114 million in financial benefits to 1.8 million members with the average savings amount of $62 per individual and $118 per member household.
The study also found that fees at credit unions are $5 less than banks for checking accounts, $15 less than banks for credit card late fees and $29 less than banks for mortgage and closing costs.
“Although the economy has begun to show steady improvement, Georgians remain cautious and continue to seek financially prudent alternatives that help them afford life,” said Mike Mercer, GCUA president/CEO.