Credit unions like OTIS generally provide financial benefits to members through lower loan rates, higher savings rates, and fewer fees than banking institutions.
The Credit Union National Association (CUNA) estimates that OTIS FCU provided $2,311,483 in direct financial benefits to its 10,882 members during the twelve months ending December 2018.
These benefits are equivalent to $212 per member, or $446 per member household, on average.
For example, financing a $30,000 new automobile for 60 months at OTIS FCU will save members an average of $288 per year in interest expense compared to what they would pay at a banking institution in the state. That’s approximately $1,440 in savings over 5 years!
OTIS FCU excels in providing member benefits in many loan and savings products. In particular, CUNA found that OTIS FCU offers lower loan rates on the following accounts: new car loans, used car loans, personal unsecured loans, home equity loans, [and] credit card loans.
OTIS FCU also pays its members higher dividends on the following accounts: regular savings, money market accounts, certificate accounts, [and] IRAs.
Source: Datatrac, NCUA, and CUNA, 2019