NJ CU Statistics
YOU want to see the numbers…
The Credit Union National Association (CUNA) estimates that New Jersey credit unions provided $106,650,738 in direct financial benefits to the state’s 1,181,338 members during the 12 months ending June 2007. These benefits are equivalent to $90 per member or $172 per member household.
New Jersey credit unions offer lower average loan rates on the following accounts: new car loans, used car loans, personal unsecured loans, home equity loans, and credit card loans.
Consider this: Financing a $25,000 new automobile for 60 months at a New Jersey credit union will save members an average $135 per year in interest expense compared to what they would pay at a banking institution in the state.
New Jersey credit unions also pay members higher average dividends on the following accounts: regular savings, money market accounts, certificate accounts, and IRAs.
Further, loyal members—those who use the credit union extensively—often receive total financial benefits that are much greater than the average.
New Jersey Credit Union Statistics
| Numbers of CUs |
228 |
Federally Chartered
|
209 |
State Chartered
|
19 |
| |
| Members |
1,165,915 |
| Membership/Population |
13.4% |
| |
| Average Interest Rates for Loan Products |
|
Auto Loans
|
|
60-month new
|
6.39% |
48-month used
|
6.59% |
Unsecured Loan
|
10.82% |
1-Year Adjustable Rate 1st Mortgage (0 points)
|
5.46% |
15-Year Fixed Rate 1st Mortgage (0 points)
|
6.39% |
30-Year Fixed Rate 1st Mortgage (0 points)
|
6.77% |
Home equity/2nd Mortgage, 80% LTV (0 points)
|
7.71% |
Credit card – classic
|
11.95% |
Credit card – gold
|
10.33% |
| |
| Average Interest Rates for Savings Products |
|
Retirement (IRA) Accounts
|
3.16% |
Year certificate $10,000 balance
|
4.53% |
Money market accounts
|
1.80% |
Share draft checking, $5,000 balance
|
0.51% |
Regular savings, $1,000 balance
|
0.91% |
| |
| NJ Credit Union Fees (average) |
|
Share draft checking, NSF fee
|
$20.00 |
Credit cards, late fee
|
$25.00 |
Mortgages, closing costs
|
$1,000 |
| |
| Loan Growth |
3.76% |
| Share Growth |
0.66% |
| Member Growth |
-2.81% |
| Delinquencies |
0.96% |
| Net Charge Offs |
0.40% |
| ROA |
0.49% |
| Operating Expenses/Total Income |
53.08% |
| Net Worth |
12.30% |
| Non-Interest Income Growth |
4.41% |
| |
|
| New Jersey Credit Union Vs. Bank Statistics |
|
| |
| Total Assets |
|
CUs
|
$9,690.1 million |
Banks
|
$143,250.0 million |
| |
| Average size |
|
CUs
|
$42.5 million |
Banks
|
$1,119.1 million |
| |
| Asset Growth |
|
CUs
|
4.6% |
Banks
|
11.6% |
| |
