The Credit Union National Association (CUNA) estimates that OTIS FCU provided $1,912,494 in direct financial benefits to its 10,814 members during the 12 months ending December 2017.
These benefits are equivalent to $177 per member, or $371 per member household!
For example, financing a $30,000 new automobile for 60 months at OTIS FCU saves members an average of $228 per year in interest expense compared to what they would pay at a banking institution in the state. That’s approximately $1,140 in savings over a 5-year period.
OTIS FCU offers lower loan rates than state banking institutions 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 than banking institutions within the state of Maine on the following accounts: regular savings, money market accounts, certificate accounts, and IRAs.
In addition to these financial benefits, OTIS FCU posted an 8% Bonus Dividend and Interest Refund in 2017. Over the past 13 years, OTIS has returned over $4.5 million to both its savers and borrowers via this annual practice.
OTIS FCU: Do more with your money!
Sources: Datatrac, NCUA, and CUNA.