QUICK FACTS
Safe & Sound. Deposits in insured accounts are safe. Insurance on accounts is automatic and provided through the NCUA, an agency of the federal government. Not one penny of insured member savings has ever been lost.
Financial Condition. Regulators have determined Wisconsin credit unions are healthy overall and continue to perform well based on their year-end financials.
Employment. Wisconsin’s credit unions employ an estimated 7,504 full- and part-time employees with total annual compensation and benefits of more than $330 million.
Taxes. Wisconsin credit unions pay millions of dollars each year in payroll, property, personal property and state sales taxes.
Economic Impact. Taking into account the purchase of professional services and other administrative spending, credit unions pumped nearly $300 million into the Wisconsin economy in 2008.
A credit union is a member-owned, not-for-profit financial institution. Because a credit union is owned by its members and does not have stockholders, it returns earnings to members in the form of more competitive rates of return on accounts and loans, lower fees and improved services.
More than two million Wisconsin residents belong to credit unions - cooperatives distinguished by their:
* Purpose – to serve members
* Governance – volunteer directors elected by members
* Member benefits – earnings invested in members and the community
* Values – in people, not profits
Credit unions serve people who share a common bond like an employer, city or county of residence or those belonging to the same church, club or civic organization.
2.2 million people in Wisconsin own the credit unions where they borrow and save. That’s more than one third of the state’s population! Almost anyone can join.
Credit unions offer a wide range of financial products including checking, auto loans, credit cards, money market accounts, CDs, retirement accounts, school loans, mortgage and home equity loans, business loans, payday loan alternatives and much more.
Most credit unions have websites and offer online transactions 24/7. Shared branching also allows members to transact business at thousands of locations across the country. Plus, there’s a network of credit union ATMs nationwide, with many offering members free transactions as part of the Alliance One network.
Wisconsin credit unions return $188 million annually to their member-owners in competitive rates on loans and savings and lower and fewer fees.
Credit unions have a rock-solid deposit insurance system through the National Credit Union Administration (NCUA), an agency of the federal government. Funded by credit unions – not taxpayers – NCUA deposit insurance is automatic and offers $250,000 in coverage on savings accounts and an additional $250,000 coverage on retirement accounts. Not one penny of insured deposits has ever been lost by a member.
|
