Your membership is valuable to us so in return, we want to show how DCCU is a benefit to you. Working with a national research firm, we compared our account rates and fees with the average rates and fees of other local financial institutions. The results show that DCCU members collectively saved more than $3 million by using their credit union. That’s an average of $233 per member.
On average, Dane County Credit Union members saved $233 last year by using us versus another financial institution. If your membership savings amount was more than that, congratulations! You’re making good use of your DCCU membership. If you saved less than the average, you may be able to save additional money this year by taking advantage of more services from DCCU.
The more you have with us, the more you save.
Our market research demonstrates that the more DCCU services our members use, the more they save. Members with one DCCU account saved an average of $61 annually whereas members with four accounts saved an average of $572.
How do your savings stack up?
Below is the average amount each member saved broken down by each account type. You can save even more this year! Contact us to review additional benefits available to you.
A lot of research went into your estimated annual savings. The actual formulas vary by account type; however, the same basic method was used. Below we have the formulas used to calculate each of your account’s individual savings. Then all your individual amounts were added together to calculate the total, estimated amounts for your annualized savings. The definitions for each term are further below.
The rate benefit is the difference between your personal account rate and the average bank account rate for your assigned market area.
The definition varies by account type as follows:
The fee benefit represents the difference between the average bank account maintenance fee for your assigned market area and Dane County Credit Union's account maintenance fee for a comparable account.
Our Research Partner
We partnered with Informa Research Services, Inc., Calabasas, CA, www.informars.com to conduct this research. Although the information Informa provided us has been obtained from banks themselves, neither DCCU nor Informa can guarantee absolute accuracy as rates can change without notice.
We purchased data for Madison and Green, Iowa, Sauk, Columbia, Dodge, Jefferson, and Rock Counties, which are all in Wisconsin
For comparisons, the list of financial institutions include:
|Associated Bank||Chase||Old National Bank|
|BMO Harris Bank||Wells Fargo||Bank Mutual||US Bank - Madison|
What does my estimated, annualized savings amount reflect?
The amount listed on your personalized savings report represents the sum of all of your individual account savings amounts. It reflects the difference between what you paid or earned in interest, fees or rebates at Dane County Credit Union and what you may have paid or earned on average for comparable accounts at leading banks in your assigned market area. The amounts listed are for illustrative purposes only and do NOT constitute a cash payout, dividend or bonus.
What does “estimated, annualized savings” mean?
Because we compared your personal account rates and fees against the average rates and fees of the collective banks in your assigned market area, we cannot quote exact savings. Instead, the savings represent an estimate based on your personal account rate and balances. Annualized simply means that we’ve estimated your account for an entire year regardless of when you actually opened the account.
Why is there a zero on my report?
A zero simply indicates that when we compared your DCCU account rates and fees with the average bank account rates and fees, you are not actually saving money by having that account with DCCU. This most likely occurs when your actual DCCU account rate is higher (for loans) or lower (for shares) than the average bank rate in your market area. There may be other accounts or services that would better suit your needs and help increase your savings. The best thing to do is schedule an appointment to review the membership benefits available to you.
What fees are included in the Fee Benefit calculation?
The only fees included in the calculation are recurring account maintenance fees. We did not include penalty or “occasional” fees such as overdraft fees, stop payment fees, foreign item fees, etc. DCCU has very few account maintenance fees, so your membership really helps you save big in the fee area.
Where did you get the data?
We partnered with Informa Research Services, Inc., Calabasas, CA, www.informars.com to conduct this research. We compared market rates using financial data from November 2017. Although the information Informa provided us has been obtained from banks themselves, neither Dane County nor Informa can guarantee absolute accuracy as rates can change without notice.