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How Wright-Patt saved members 26M
FAIRBORN, Ohio (5/3/10)--Wright-Patt CU, Fairborn, Ohio, saved its members more than $26 million in direct financial benefits during 2009. The Credit Union National Association (CUNA) estimated in its annual Benefits of Membership report that the credit union provided $1,268 in savings throughout the year for households with “high use” of the credit union. CUNA’s report compares credit unions’ dividend rates, loan rates and fees to those of other banking institutions. The 2009 report shows an increase of more than $3 million for the credit union from the previous year’s report. The following shows how Wright-Patt’s products and services compared to area banks:
* Classic credit card: 8.70% lower rate; * Credit card late fee: $15 lower fee; * Regular savings ($1,000 balance): 0.52% higher return; * Checking nonsufficient funds fees: $5 lower fee; * Mortgage closing costs: $359 lower; and * 60-month new car loan: 1.72% lower rate.
In the past two years, Wright-Patt also paid more than $7 million in excess earnings to its membership in special patronage dividends. Wright-Patt has $1.7 billion in assets.
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