Maine credit unions save members millions

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Over 646,000 Mainers are saving money every year just by choosing to be a member at one of Maine’s credit unions. But just how much money are they saving? One study found that loyal Maine credit union members saved $1,253 per household in 2012. Collectively, Maine credit union members saved $38 million in 2012, according to a study conducted by former state economist Chuck Lawton, Ph.D, of Planning Decisions.

Lawton’s study titled, “The Economic Impact on the Maine Economy and the Financial Benefits to Maine Consumers of the State’s Credit Unions,” showed impressive results for CUs despite the landscape of the economy. Lawton said that the total savings that credit unions provided to consumers were particularly impressive “in light of the enormous changes and circumstances that have taken place in the financial services sector and the economy since the financial crisis began in 2008.”

President John Murphy said that the great efforts made to continually offer such savings make credit unions an increasingly viable and valuable option for Maine people. “The credit union philosophy of putting the interests of members first continues to highlight the difference between credit unions and other financial institutions. Credit unions are owned and governed by their members, so all members benefit from better rates and lower and fewer fees. That is a key and distinct difference of credit unions.”

To find a credit union near you, visit www.mainecreditunions.org.

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