Maine`s Credit Unions - Atlantic Federal Credit Union
Transcription
Maine`s Credit Unions - Atlantic Federal Credit Union
Maine’s Credit Unions Maine People Helping Maine People 641,000 Members Strong What is the Credit Union Difference? Not-for-profit. Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit. Taxation. Credit unions do pay taxes—payroll taxes and property taxes. Congress exempts credit unions from federal taxes because they are member-owned, democratically operated and not-for-profit. Ownership. Credit unions are an economic democracy. Each credit union member has equal ownership and one vote–regardless of how much money a member has on deposit. Volunteer Boards. Each credit union is governed by a Board of Directors, elected by and from the credit union’s membership. Board members serve voluntarily. In the study completed January 3, 2012, Charles Lawton, an economist at Planning Decisions in South Portland and former state economist, concluded that credit unions have significantly lower, fewer or no fees compared to for-profit financial institutions. Credit unions also pay, on average, higher dividend and interest rates on savings and charge lower interest rates on loans. Maine Credit Union Membership Pays One financial benefit of belonging to a credit union is receiving a higher rate of return on deposits. The amount of this benefit depends on the amount of money deposited. The table below presents an estimate of these benefits for Maine credit union members based on a rate survey completed in September 2011. In all, Maine credit union members received a net benefit of approximately $5.83 million as a result of holding their deposits with credit unions. Membership Eligibility. By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union. Financial Education for Members. Credit unions assist members to become better-educated consumers of financial services. Additionally, the Credit Union National Association (CUNA) is partnering with the National Endowment for Financial Education, a not-for-profit foundation, to expand financial education among high school students. Social Purpose: People Helping People. Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well, including those of modest means–every member counts. Credit Unions Save Maine Consumers Nearly $38 Million Annually! The 641,000 Maine consumers who utilized Maine Credit Unions each year continue to reap the impressive financial advantages of being a credit union member. A recent study shows that, despite the financial challenges and uncertanties that have been a part of the financial services marketplace in recent years, the economic benefit of using a Maine credit union remains strong at nearly $38 million. Credit unions’ ability to offer Maine consumers higher interest payments on deposits, lower interest rates on loans, and fewer and lower fees on financial services is what keeps these savings on the rise. Interest Charged On Credit Union Loans Another benefit of belonging to a credit union is paying lower rates of interest on loans. Again, the amount of this benefit depends on the volume of loans outstanding. The following table presents an estimate of these lower loan rate benefits for Maine credit union members based on the 2011 Datatrac survey. In total, Maine credit union members received a collective net benefit of $21.37 million as a result of lower fees on loans. Table 2: Benefit to Maine Credit Union Members from Lower Interest Rates Paid for Loans, September 2011 Type of Loan Avg. CU Balance Avg. CU ($ million) Rate Avg. Bank Avg. Rate Rate Difference Net CU Benefit ($ million) Credit Card $91 11.64% 13.22% 1.58% $1.44 Personal Unsecured $122 10.31% 11.77% 1.46% $1.78 New Car $259 3.67% 5.05% 1.38% $3.56 $9.99 Used Car $584 3.77% 5.48% 1.71% 1st Mortgage $1,516 3.59% 3.66% 0.08% $1.15 Home Equity $734 4.89% 5.36% 0.47% $3.45 Total $3,306 n.a.n.a.n.a. $21.37 Sources: http://www.ncua.gov/DataApps/Documents/CUBNK201109.pdf and NCUA Financial Performance Reports, September 30, 2011. Lower and Fewer Fees In 2011, Maine’s credit unions earned $43 million in fee income on deposits of just over $4.6 billion. This amounted to fee income of $8.90 per $1,000 of deposits. FDIC insured banks and savings institutions in Maine earned $263 million in income from deposit related fees. This amounted to $11.09 in fee income per $1,000 of deposits, a differential of $2.19 per $1,000 of deposits over credit union fee income. In short, Maine credit union members saved almost $11 million in lower and fewer fees by holding their deposits in credit unions. Lending By Maine Credit Unions By The Numbers In 2013 Total Dollar Amount Of Loans (as of December 31, 2013) $4.16 billion # of Loans Under $2,000 17,041 # Of Credit Unions Offering Energy and/or Weatherization Loans 80% # Of Energy Loans Made: 791 totaling more than $4 million Your Money is Safe at a Maine Credit Union With financial institutions recently in the news for their struggles in this difficult economy, many consumers are wondering, “Is my money safe?” As a Maine credit union member, the answer is a resounding “yes!” Summary of Financial Benefits of Credit Union Membership in 2013 Savings from Higher Rates on Deposits $5.8 million Savings from Lower Rates on Loans $21.4 million Savings from Lower and Fewer Fees $10.5 million Total Savings $37.7 million Maine Credit Unions Lend a Hand During the past year, Maine credit unions continued to provide the 641,000 Maine consumers who use a credit union with a variety of lending products and services to help them in this difficult and challenging economic environment. Maine credit unions also responded to the uncertainty, instability, and volatility of energy costs by developing and offering special loans for energy assistance (some at 0% APR) as well as loans to help members weatherize and make their homes more energy efficient. For thousands of Maine consumers seeking loans of all amounts and all types, Maine credit unions are here to help and ready to ‘lend’ a hand. The National Credit Union Administration, or NCUA, is the federal government agency that charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), similar to the FDIC which insures banks. The shares in Maine credit unions are insured by the NCUSIF, which is backed by the full faith and credit of the United States Government. The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts. These accounts include regular shares, share drafts (or checking accounts), money market accounts, and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union have full NCUSIF coverage. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. Maine Credit Unions’ Campaign for Ending Hunger Makes A Difference In Communities Across the State Since 1990, the Maine Credit Unions’ Campaign for Ending Hunger has raised over $5.3 million (including $513,000 in 2013) to help end hunger in Maine. Throughout the year, Maine credit unions raise funds to help food pantries and hunger organizations in their local areas. What is especially notable about the Maine Credit Unions’ Campaign for Ending Hunger is that 100% of all funds raised stay in Maine, and go directly to the cause, benefiting the very communities in which the funds are raised. Maine Credit Union League Member Credit Unions and Locations Acadia Federal Credit Union Ashland, Fort Kent, Madawaska, St. Agatha, St. Francis Evergreen Credit Union Portland, Windham, Naples, South Portland Atlantic Regional Federal Credit Union Brunswick, Freeport, Topsham, Cumberland Five County Credit Union Auburn, Augusta, Bath, Bowdoinham, Brunswick, Falmouth, Lewiston, Lisbon, North Windham, Portland, Rockland, Scarborough, Skowhegan, Topsham, Waterville B/C & B/S of ME Employees Federal Credit Union South Portland Bangor Federal Credit Union Bangor, Brewer Brewer Federal Credit Union Brewer Capital Area Federal Credit Union Augusta Casco Federal Credit Union Gorham, Westbrook Central Maine Federal Credit Union Lewiston, Auburn Changing Seasons Federal Credit Union Hampden Coast Line Credit Union South Portland Community Credit Union Lewiston, Auburn cPort Credit Union Portland, Augusta, Scarborough Cumberland County Federal Credit Union Falmouth, Westbrook, Windham, Portland, Gray Down East Credit Union Baileyville, Machias, Belfast, Unity, Bangor, Calais, Richmond, Topsham EMMC Federal Credit Union Bangor, Brewer Eastmill Federal Credit Union Patten, East Millinocket Franklin-Somerset Federal Credit Union Skowhegan, Farmington, Kingfield, Madison Gardiner Federal Credit Union Gardiner Great Falls Federal Credit Union Auburn, Lewiston HealthFirst Federal Credit Union Waterville, Augusta Howland-Enfield Federal Credit Union Howland Infinity Federal Credit Union Arundel, Bangor, Portland, Westbrook Katahdin Federal Credit Union Millinocket, Island Falls KSW Federal Credit Union Waterville, Belfast KV Federal Credit Union Augusta, Oakland Lewiston Municipal Federal Credit Union Lewiston Lincoln ME Federal Credit Union Lincoln, Lee Lisbon Community Federal Credit Union Lisbon, Lewiston Maine Education Credit Union Augusta Maine Family Federal Credit Union Lewiston, Auburn Maine Highlands Federal Credit Union Dexter, Guilford, Dover-Foxcroft, Greenville, Brownville Maine Media Federal Credit Union South Portland Maine Savings Federal Credit Union Hampden, Ellsworth, Milo, Corinth, Bar Harbor, North Vassalboro, Brewer, Bangor Maine State Credit Union Augusta, Waterville Midcoast Federal Credit Union Bath, Brunswick, Edgecomb, Thomaston Monmouth Federal Credit Union Monmouth, Greene New Dimensions Federal Credit Union Waterville, Augusta NorState Federal Credit Union Madawaska, Eagle Lake, Ashland, Van Buren, Fort Kent, Presque Isle Ocean Communities Federal Credit Union Biddeford, Kennebunk, Saco, Sanford, Westbrook Otis Federal Credit Union Jay Oxford Federal Credit Union Mexico, Norway Penobscot County Federal Credit Union Old Town, Bangor, West Enfield PeoplesChoice Credit Union Saco, Biddeford, Sanford, Wells Portland ME Police Dept. Federal Credit Union Portland Rainbow Federal Credit Union Lewiston, Auburn, Mechanic Falls, South Paris, Rumford Sabattus Regional Credit Union Sabattus Saco Valley Credit Union Saco, Waterboro Seaboard Federal Credit Union Bucksport, Ellsworth, Hermon Sebasticook Valley Federal Credit Union Pittsfield, Newport Semiconductor of ME Federal Credit Union South Portland Taconnet Federal Credit Union Winslow, Skowhegan The County Federal Credit Union Caribou, Fort Fairfield, Presque Isle, Houlton Town & Country Federal Credit Union South Portland, Scarborough, Portland, Saco Trademark Federal Credit Union Augusta, Portland, Scarborough TruChoice Federal Credit Union Portland, Buxton University Credit Union Orono, Portland, Bangor, Farmington, Presque Isle Winslow Community Federal Credit Union Winslow Winthrop Area Federal Credit Union Winthrop York County Federal Credit Union Sanford, Saco, York, Biddeford, North Berwick Maine Credit Union Statistics www.mainecul.org Maine Credit Union League’s Legislative Team: John Murphy - President (207) 773-5671 ext. 260 E-mail: [email protected] Jon Paradise - VP of Governmental & Public Affairs Manager (207) 773-5671 ext. 273 E-mail: [email protected] Ed and Cate Pineau - Pineau Policy Associates Contract lobbyists for Maine Credit Union League (207) 623-2355 E-mail: [email protected] Number of credit unions 61 · Federally chartered 49 · State chartered 12 · Number of branches 196 · Number of surcharge-free ATMs 234 · Number of Shared Branching locations 158 Average asset size Total assets $100.6 million * $6.14 billion * Members637,379 * Employees2,240 *As of December 31, 2013