Credit Unions in Kansas by the Numbers
Credit Unions have been part of Kansas since 1929.
Credit unions have been part of the Kansas economy since 1929 when – on the verge of the Great Depression – traditional financial institutions were unable or unwilling to lend to low and middle-income families and farmers. In response, Kansans began forming credit unions, pooling their finances to create saving and lending opportunities for all their members.
By putting people before profits, credit unions promote financial soundness for individual members and support for the local community. They do this by offering high-rate dividends and lower-rate loans for the benefit of all. All members, as part-owners, have an equal voice and vote within the credit union. You're not just an account number in an institution controlled by stockholders. You are the stockholder!
Credit Unions as part of the community.
By providing financial education for youth and adults, credit unions help members with developing healthy saving, budgeting, and spending habits. However, the credit union effect reaches beyond the members. By investing in local businesses and supporting not-for-profit charities, credit unions create a strong bond with the community they serve.
Credit Unions as part of the economy.
Through better rates, lower fees, and direct dividends, last year credit unions returned over $70 million to their members. The average credit union member savings $203/year on a 60-month new car loan, and $210 on mortgage closing costs. Plus, credit members paid 15% less in share draft checking NSF fees (compared to bank customers).
Kansas Credit Unions by the Numbers in 2021*
Credit unions embrace their role in ensuring economic prosperity and fairness for everyone. No matter what life brings, Kansas credit unions have always been there to help strengthen the financial lives of families and businesses across the state.
*DATA SOURCES: KansasCreditUnions.com, HeartlandCU.org