Teachers Federal Credit Union Members Received $25.4 Million in Direct Financial Benefits in 2009
Farmingville, NY, May 06, 2010 --(PR.com)-- Teachers Federal Credit Union (TFCU), one of the country’s largest full-service, not-for-profit financial institutions, with more than 200,000 members and over $3.7 billion in total assets, announced in the Benefits of Membership Report, recently published by the Credit Union National Association (CUNA), that TFCU members received over $25,467,659 in direct financial benefits during the 2009 calendar year. These benefits are equivalent to $130 per member or $247 per member household.
The report generated by CUNA compared TFCU’s dividend rates, loan rates, and fees to those of banking institutions in the State of New York. It combines those comparisons with TFCU’s call report data to develop an overall estimate of the annual financial benefits TFCU provides to its members.
“The CUNA Benefits of Membership Report clearly shows that TFCU members receive substantial benefits. The report reinforces what our members have learned from experience. In addition to attentive, quality service, our members save significantly and receive financial benefits that are better than those rendered to customers of most banks,” said Robert G. Allen, TFCU President/CEO.
TFCU is a not-for-profit financial cooperative that exists to serve its members. Every individual account holder is a member of the credit union and therefore eligible to access a wide range of products and services. Banks, on the other hand, are public or privately owned profit-generating entities. The difference in the structure of the two different financial institutions allows for TFCU to pass along a significant savings to members that most banks simply cannot deliver.
According to the CUNA report, “TFCU excels in providing exceptional loan and saving rates. In particular, TFCU offers lower loan rates on the following accounts: new car loans, used car loans, personal unsecured loans, first mortgage-fixed rate, first mortgage-adjustable rate, home equity loans and credit card loans.” The report went on to state that TFCU “also pays its members higher dividends on the following accounts: regular savings, money market accounts, certificate accounts and IRAs.”
In addition, CUNA estimates that TFCU provided each loyal, high-use member household $1,700 in direct financial benefits during 2009.
“Today, individuals and families value the services of a strong, local financial institution. The report from CUNA communicates clearly that TFCU achieved its member service goals in 2009 despite economic challenges,” added Allen.
In addition to the benefits outlined in the TFCU CUNA Benefits of Membership Report, membership in TFCU offers many other advantages. For example, TFCU members, through an agreement with other credit unions, can use shared service center locations (non-TFCU branches) for certain transactions. In addition to TFCU’s 20 branches, members have access to over 44 other locations in Nassau and Suffolk Counties. Across New York State and the nation, members have access to over 4,034 locations, a number greater than or equal to many of the nation’s largest banks.
Credit unions are considered to be family- and neighborhood-friendly; often children follow their parents and become members of the same credit union. Funds on deposit with a credit union stay in the local community and do not go to other parts of the country or even other countries, as in the case of some banks.
Unlike banks, credit union members are the “owners” of the not-for-profit institution, and when the credit union makes a profit the funds go back to members in the form lower interest rates on loans and credit cards, and higher interest rates on savings and other accounts. Banks, on the other hand, use profits to pay dividends to stockholders.
Consumers can be assured that credit union deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), a government agency similar to the FDIC. In addition, credit union IRAs are insured separately up to $250,000.
Credit unions also provide competition for banks, which helps to temper increases in interest rates on loans and fees in the financial services market. Credit union employees and their families typically live and work in the communities where offices and branches are located.
About the Report:
The Teachers Federal Credit Union Benefits of Membership Report was developed by the independent Credit Union National Association’s Economics and Statistics Department. This is an annual report of the benefits of membership in TFCU. A copy of the highlights of this report or the entire report is available to members of the media upon request. Interested members of the media should contact: Rosemary A. Nicholls, Senior Vice President, Marketing/R&D, at (631) 698-7000 ext. 3695 or via e-mail at ran@teachersfcu.org.
About TFCU:
Teachers Federal Credit Union (TFCU), one of the largest credit unions in the country, is a full-service, not-for-profit financial institution. TFCU was founded on Long Island in 1952 and now has over $3.7 billion in total assets, serves more than 200,000 members and has 20 full-service branches throughout Suffolk County including: Amityville, Bay Shore, Brookhaven National Laboratory, Central Islip, Commack, East Northport, Entenmann’s, Farmingville, Holbrook, Huntington, Nesconset, North Babylon, Port Jefferson Station, Riverhead, Rocky Point, Selden, Smithtown, South Setauket and Stony Brook University (2). Members also have access to services at more than 3,990 shared service centers located across the country. TFCU offers financial services to all people and businesses located in Nassau and Suffolk counties (excluding the townships of Southampton, East Hampton and Shelter Island). More information is available about TFCU by visiting www.teachersfcu.org or by calling (631) 698-7000.
###
The report generated by CUNA compared TFCU’s dividend rates, loan rates, and fees to those of banking institutions in the State of New York. It combines those comparisons with TFCU’s call report data to develop an overall estimate of the annual financial benefits TFCU provides to its members.
“The CUNA Benefits of Membership Report clearly shows that TFCU members receive substantial benefits. The report reinforces what our members have learned from experience. In addition to attentive, quality service, our members save significantly and receive financial benefits that are better than those rendered to customers of most banks,” said Robert G. Allen, TFCU President/CEO.
TFCU is a not-for-profit financial cooperative that exists to serve its members. Every individual account holder is a member of the credit union and therefore eligible to access a wide range of products and services. Banks, on the other hand, are public or privately owned profit-generating entities. The difference in the structure of the two different financial institutions allows for TFCU to pass along a significant savings to members that most banks simply cannot deliver.
According to the CUNA report, “TFCU excels in providing exceptional loan and saving rates. In particular, TFCU offers lower loan rates on the following accounts: new car loans, used car loans, personal unsecured loans, first mortgage-fixed rate, first mortgage-adjustable rate, home equity loans and credit card loans.” The report went on to state that TFCU “also pays its members higher dividends on the following accounts: regular savings, money market accounts, certificate accounts and IRAs.”
In addition, CUNA estimates that TFCU provided each loyal, high-use member household $1,700 in direct financial benefits during 2009.
“Today, individuals and families value the services of a strong, local financial institution. The report from CUNA communicates clearly that TFCU achieved its member service goals in 2009 despite economic challenges,” added Allen.
In addition to the benefits outlined in the TFCU CUNA Benefits of Membership Report, membership in TFCU offers many other advantages. For example, TFCU members, through an agreement with other credit unions, can use shared service center locations (non-TFCU branches) for certain transactions. In addition to TFCU’s 20 branches, members have access to over 44 other locations in Nassau and Suffolk Counties. Across New York State and the nation, members have access to over 4,034 locations, a number greater than or equal to many of the nation’s largest banks.
Credit unions are considered to be family- and neighborhood-friendly; often children follow their parents and become members of the same credit union. Funds on deposit with a credit union stay in the local community and do not go to other parts of the country or even other countries, as in the case of some banks.
Unlike banks, credit union members are the “owners” of the not-for-profit institution, and when the credit union makes a profit the funds go back to members in the form lower interest rates on loans and credit cards, and higher interest rates on savings and other accounts. Banks, on the other hand, use profits to pay dividends to stockholders.
Consumers can be assured that credit union deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), a government agency similar to the FDIC. In addition, credit union IRAs are insured separately up to $250,000.
Credit unions also provide competition for banks, which helps to temper increases in interest rates on loans and fees in the financial services market. Credit union employees and their families typically live and work in the communities where offices and branches are located.
About the Report:
The Teachers Federal Credit Union Benefits of Membership Report was developed by the independent Credit Union National Association’s Economics and Statistics Department. This is an annual report of the benefits of membership in TFCU. A copy of the highlights of this report or the entire report is available to members of the media upon request. Interested members of the media should contact: Rosemary A. Nicholls, Senior Vice President, Marketing/R&D, at (631) 698-7000 ext. 3695 or via e-mail at ran@teachersfcu.org.
About TFCU:
Teachers Federal Credit Union (TFCU), one of the largest credit unions in the country, is a full-service, not-for-profit financial institution. TFCU was founded on Long Island in 1952 and now has over $3.7 billion in total assets, serves more than 200,000 members and has 20 full-service branches throughout Suffolk County including: Amityville, Bay Shore, Brookhaven National Laboratory, Central Islip, Commack, East Northport, Entenmann’s, Farmingville, Holbrook, Huntington, Nesconset, North Babylon, Port Jefferson Station, Riverhead, Rocky Point, Selden, Smithtown, South Setauket and Stony Brook University (2). Members also have access to services at more than 3,990 shared service centers located across the country. TFCU offers financial services to all people and businesses located in Nassau and Suffolk counties (excluding the townships of Southampton, East Hampton and Shelter Island). More information is available about TFCU by visiting www.teachersfcu.org or by calling (631) 698-7000.
###
Contact
Teachers Federal Credit Union
Bill Corbett
516 775 0435
www.teachersfcu.org
Bill Corbett
516 775 0435
www.teachersfcu.org
Contact
Categories