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We Succeed … You Profit
As a member of Chaco Credit Union, you're also an owner. You enjoy the advantages of ownership, one of which is that you benefit from the credit union's success. We pass along profits to you in the form of attractive rates on loans and deposits as well as fewer and lower fees than bank customers pay, on average. Plus we offer helpful, personal service.
How is all this possible? It results from our structure:
- As a not-for-profit cooperative, our purpose is not to make a profit to satisfy stockholders, as it is with banks. Instead, our reason for existing is to help our members meet their financial goals. So if you want a fatter wallet, we're here to help.
- The credit union is governed by a volunteer board of directors, elected by the membership (another benefit of ownership!). They receive no pay for their service. Compare this to the compensation received by members of a bank's board of directors and you'll see that it means more money in your pocket.
- Because of our nonprofit cooperative status, Congress exempts credit unions from federal income taxes – another boost to your billfold.
It Really Adds Up
A recent survey by Datatrac reveals that an average credit union interest rate for a four-year used car loan is 1.6% lower than an average bank rate for the same loan.* On a home equity loan, credit union rates are 0.5% lower, on average. Credit unions also pay better rates on savings – an additional 0.3% on money market accounts and one-year certificates compared with banks, on average.
With benefits as great as these, it would be a shame to keep them to yourself! Share them with your friends and loved ones by referring them for membership. When more people join, it just makes us stronger. And you know what that does to your wallet!
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