TFCU Gave Members $25 Million in Benefits

Teachers Federal Credit Union (TFCU), based in Farmingville, announced this week that its members received over $25,467,659 in direct financial benefits during the 2009 calendar year. These benefits are equivalent to $130 per member or $247 per member household, according to a report published by the Credit Union National Association (CUNA).

The report generated by CUNA compared TFCU's dividend rates, loan rates, and fees to those of banking institutions in the State of New York.

"The CUNA Benefits of Membership Report clearly shows that TFCU members receive substantial benefits," said Robert G. Allen, TFCU President/CEO, in a statement. "The report reinforces what our members have learned from experience. In addition to attentive, quality service, our members save significantly and receive financial benefits that are better than those rendered to customers of most banks."

According to the CUNA report, "TFCU excels in providing exceptional loan and saving rates. In particular, TFCU offers lower loan rates on the following accounts: new car loans, used car loans, personal unsecured loans, first mortgage-fixed rate, first mortgage-adjustable rate, home equity loans and credit card loans." The report went on to state that TFCU "also pays its members higher dividends on the following accounts: regular savings, money market accounts, certificate accounts and IRAs."