Together Credit Union’s Direct Financial Benefits to Members Exceeds State & National Averages

Saint Louis, MO – The Credit Union National Association (CUNA) presented Together Credit Union with a Certificate of Excellence for providing $26,277,089 in direct financial benefits to its 134,000+ members.* These benefits are equivalent to approximately $410 per member household and $2,320 in direct financial benefits to high-use member households.

To help our members achieve their financial goals, we reinvest our earnings. This enables us to charge less for loans, pay more on deposits, and have fewer and lower-priced fees compared to other financial institutions," said President and CEO Bob McKay. "We also empower our members to make sound financial decisions by providing access to educational resources and expert advice.”

CUNA’s Membership Benefits Report estimates total benefits of credit union membership by calculating differences between credit union and bank pricing. Specifically, average credit union savings account yields, loan interest rates and fees are compared to average bank savings account yields, loan interest rates and fees. The interest rate differences are applied to respective average credit union loan and savings balances. Fee differences are weighted and applied to credit union non-interest income to obtain the total estimated benefits arising from fees.

Together Credit Union’s direct financial benefits are above the state average of $106 per member and $222 per member household. Together Credit Union also exceed the national household benefit average of $221 and the high-use member households benefit average of $529.**

CUNA’s report also noted Missouri credit unions paid members higher than average dividends on regular saving accounts, shared draft checking accounts, money market accounts, certificate accounts, and IRAs.

For more information regarding this announcement, contact Julie Linder, Together Credit Union’s PR & Events Strategist, by calling (573)268-0639.

About the Credit Union: As a member-owned, community-focused, not-for-profit financial institution, the Credit Union offers a comprehensive list of banking products and financial services at 27 branches nationwide and through 24/7 Member resources and amenities. In addition, Members can access their accounts and perform transactions at more than 5,600 shared branch locations and self-service shared branch express terminals, as well as more than 30,000 surcharge-free ATMs, through the CO-OP Shared Branch Network in all 50 states. 

With more than $1.82 billion in total assets and 132,000 members nationwide, Together Credit Union is named a 2019 Best Credit Union in Missouri by Forbes Magazine and ranked as a “Top 150,” credit union in the U.S. The credit union was also chosen as a 2019 Corporate Philanthropy honoree by both the Credit Union National Association and the St. Louis Business Journal.