The Credit Union Difference The Credit Union Difference

Membership saves money

Did you ever notice how many credit union services start with the word “free” or “no cost”? California Coast offers absolutely free checking, free online bill pay, free Internet banking and the fee-free CO-OP ATM network, the largest in the nation.

You’ll also see “no cost” in regards to no application fee for a loan, no prepayment penalty on loans, no annual fees on Visa credit cards and no-cost financial workshops, just to name a few.

Credit unions can offer members “free” and “no cost” benefits because they are not-for-profit, so the savings goes straight to members. In California, loyal high-use credit union member households save an average of $426 in direct financial benefits each year.†
When it comes to auto loans, members who finance a $25,000 new automobile for 60 months at a California credit union will save an average $337 per year in interest expense compared to what they would pay at a banking institution in this state.†

The bottom line: credit unions exist to serve members, and this service results in members saving money. Thank you for your membership.

†Source: Credit Union National Association