GREENSBORO, N.C. –Through lower fees and loan costs plus higher deposit rates, North Carolina consumers have saved $529 million in a single year, according to results from an updated study released Tuesday and produced by a University of Alabama economist and former finance adviser at the Federal Reserve Bank of Atlanta.
The study, issued by the North Carolina Credit Union League and which found results "more meaningful amidst a slowing economy," is an update of a similar three-year-old research report also done by William E. Jackson III., professor of finance and management at the Culverhouse College of Commerce at the University of Alabama, Birmingham. Jackson also holds the Smith Foundation Chair of Business Integrity at the Alabama college.
In the study, titled "The Benefits of Credit Unions to NC Consumers of Financial Services," CU membership even benefited customers of banks "since the presence of credit unions" turned into a $77 million savings.
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Based on 2006 data, Jackson noted that the average rate differential on a used car loan was 2.65%. "That means a 36 month used car loan for $15,000 saved the member more than $400," said John Radebaugh, president/CEO of the North Carolina League.
Jackson maintained the presence of 120 CUs in the state saved bank customers more than $30 million while also saving an estimated $46 million in fees by using the No-Surcharge ATM Network.
The league said the updated study using 2006 data was completed and tabulated last February with findings released this week.
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