Rochester Area credit unions celebrating membership milestones

ALBANY, NY (08/06/2014)(readMedia)-- Rochester Area credit unions celebrating membership milestones

The New York state credit union community is celebrating two significant milestones: Credit union membership nationwide has surpassed the 100 million mark and membership within the state has exceeded the 5 million mark.

These milestones come as a growing number of consumers have turned to credit unions for lower average loan rates, higher average savings rates and fewer fees than those found at for-profit institutions like banks. Credit unions' unique not-for-profit, cooperative structure has also resonated with many.

"Credit unions' 'people over profit' approach to doing business has set them apart for over a century. People have turned to their local credit unions for affordable loans, trusted guidance and the opportunity to realize their financial dreams," said William J. Mellin, president/CEO of the Credit Union Association of New York. "And because credit unions are led by volunteer boards, the members are the ones who benefit as opposed to a select group of shareholders."

Just how significant are those benefits? As of this March, New York credit union members had received more than $320 million in direct financial benefits over the past year alone. That translates to an average of $125 per household. (Credit Union National Association) These benefits come in the form of the lower rates, higher returns and fewer fees mentioned above.

Credit unions also appeal to many consumers because of their commitment to community impact and education. Last year, New York credit unions educated more than 135,000 adults and 119,000 youth through financial literacy and counseling sessions. They also gave more than $20 million to charities and community organizations and volunteered more than 150,000 hours to support community initiatives.

"Credit union profits that aren't returned directly to members in the form of enhanced services, lower fees and higher returns are invested back in the communities where they live, and that's something a lot of credit union members take great pride in," said Mellin. "When you combine that with the impressive financial benefits, it's easy to see why millions of New Yorkers have chosen credit unions...and membership is growing every day."

Joining a credit union is easier than many realize, as membership eligibility can be based on where you live, work or worship; through your employer; through your family; or through your membership in a group like a school or alumni association, a union or a homeowners' association. There are currently 34 credit unions serving more than 600,000 members in the Rochester region.

To view a video highlighting New York credit unions' community impact and member benefits, visit http://youtu.be/q54muKlQrCo. To find a credit union to join, visit www.asmarterchoice.org.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 96 years. New York credit unions have assets of more than $66 billion and serve 5 million members. To learn more about CUANY, visit www.cuany.org.