million members and have approximately $480 billion in assets. These members-only nonprofit groups also advocate definitive savings. Carla Batson, a member of the Philadelphia Federal Credit Union for the past seven years, concurs. “I chose a credit union over a traditional bank because the fees were lower and I didn’t have to keep a minimum balance in my accounts,” says Batson, who works for PR Newswire. Credit unions often promote low interest rates or premiums on car loans, life and automobile insurance, and personal loans.
Many membership organizations offer special privileges to their members. The savvy consumer signs on for such deals, discounts, and sales, leveraging loyalty for savings.