APCO Employees Credit Union has been recognized as the best credit union in the nation with regards to member benefits. The Credit Union National Association (CUNA) presented APCO Credit Union with the “2013 Member Benefits Top Performance Award” at its 2014 Governmental Affairs Conference recently held in Washington, DC.
In trying to identify the best credit union in America in delivering value to its members, CUNA considered rates paid on savings, rates charged on loans, and the cost of fees, if any, charged to members. After considering all of the criteria, CUNA determined that APCO Credit Union was the best credit union in the nation in providing benefits to its members.
Rather than us trying to explain the award, a recent letter from CUNA gives insight into how the award was determined, the amount of benefits provided, and the reason APCO Credit Union came out on top. The following are excerpts from the letter that CUNA provided.
“Credit unions generally provide financial benefits to members through loan rates, higher savings rates, and fewer fees than banking institutions. The Credit Union National Association (CUNA) estimates that APCO CU provided $22,657,961 in direct financial benefits to its 66,870 members during the twelve months ending September 2013.
These benefits are equivalent to $339 per member or $644 per member household.
The per-member and per-household member benefits delivered by APCO CU are substantial. But, these benefits are reported as averages. Mathematically, that means the total benefits you provide are divided across all members (or all member households) – even those who conduct very little financial business with the credit union.
Further, loyal members – those who use the credit union extensively – often receive total financial benefits that are much greater than the average.
CUNA estimates that APCO CU provided loyal high-use member households $1,492 in direct financial benefits during the twelve month period.
APCO CU excels in providing member benefits with many loan and savings products. In particular, APCO CU offers lower loan rates on the following accounts: new car loans, used car loans, first mortgage-fixed rate, first mortgage-adjustable rate, home equity loans, and credit card loans.
APCO CU also pays its members higher dividends on the following accounts: regular savings, share draft checking, certificate accounts, and IRAs.”
There you have it, as they say, straight from the horse’s mouth. While the Credit Union has received some state awards in the past, this is the first national award the Credit Union has received in its 60 year history. Merrill Mann, President/CEO of APCO Employees Credit Union, says the award is a big honor.
“While providing value to our members will always be our focus, it is certainly nice to be recognized nationally for being the best at what we do,” Mann says.
While we are humbly proud of the recent award, the Credit Union is not resting on its laurels. We are busy serving our members and we continue to look for ways to help our members do better financially. We invite you to take advantage of all the money making and money saving services your Credit Union has to offer!