We work hard to earn the honor of being your trusted financial partner. As your partner, we think it’s important for you to know the value your Glendale Federal Credit Union membership offers. We've always believed that we offer you a better overall value than banks, so we decided it was time to prove it.
Working with a national research firm, we compared our account rates and fees with the average rates and fees of leading banks in our primary market areas. When all the calculations were done, Glendale Federal Credit Union members collectively saved more than $710,800 over the past year simply by having their accounts with Glendale Federal Credit Union versus a leading bank. That’s an average of $170 per member.
Be sure to check your mailbox for your personalized Report.* If you like numbers as much as we do, you can explore the math or visit our FAQs page for the most frequently asked questions about the Savings Report.
*Not all Glendale Federal Credit Union members will receive a Report. Members who will not receive a Membership Savings Report are those under the age of 18 as of 5/31/2016, those not in good standing, or those who have not made at least one transaction on any account in the past 12 months.
On average, Glendale Federal Credit Union members saved $170 each last year just by having their accounts with Glendale Federal Credit Union versus a leading bank. If your membership savings amount was more than that, congratulations! You’re likely making good use of your Glendale Federal Credit Union membership. But are you making the most of it? If you saved less than $25, you may not be taking full advantage of all that your membership can offer. Explore our Member Savings Calculator to discover how much more you may be able to save.
The more you have with us, the more you save.
Our market research demonstrates that the easiest way to save more is to do more with us. We know that the deeper our financial partnership is with you, the more you save. Members with one Glendale Federal Credit Union account only saved an average of $21 annually whereas members with four accounts saved an average of $677.
How do your savings stack up?
Below are the average 2015 member savings amounts by account type. If your account’s savings were less than the average, we encourage you to schedule a Membership Account Review. We can do your Review by phone at (818) 548-3976 or in your local branch, whichever you prefer.
As a financial institution, we’re definitely numbers nerds; especially when it comes to numbers that save you money. In case you’re a little nerdy like us, we want to give you the scoop on how we calculated your estimated, annualized savings.
The actual formulas vary by account type; however, regardless of account type, we used the same basic method shown below to calculate each of your account’s individual savings amounts. We then added all of your individual amounts together to calculate your total estimated, annualized savings amount. 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. For credit cards, home equity lines of credit and deposit accounts, the best rate available at Glendale Federal Credit Union was compared to the average financial institution rate.
The definition varies by account type as follows:
• For open loans, we used your current account balance (Rate benefit * current Balance)+fees
• For term loans, we used your original balance (12 month cumulative interest savings based on rate benefit, original balance and term of loan)
• For Deposits, we used your current balance (Rate benefit* current Balance)+fees
The fee benefit represents the difference between the average bank account maintenance fee for your assigned market area and Glendale Federal 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 Glendale Federal Credit Union nor Informa can guarantee absolute accuracy at the time of printing as rates can change without notice.
We purchased data for Glendale and the state of California, which are the primary areas where our collective membership resides.
We used the major banks in each region for our comparisons. The actual comparisons vary by market area, with the list of banks including:
|Bank of America||Wells Fargo||JPMorgan Chase Bank|
|Union Bank||City National Bank||Citibank|
|Bank of the West||Comerica Bank||California Bank & Trust|
|U.S. Bank National Association||BBCN Bank||Community Bank|
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 Glendale Federal 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 Glendale Federal Credit Union account rates and fees with the average bank account rates and fees, you are not actually saving money by having that account with Glendale Federal Credit Union. This most likely occurs when your actual Glendale Federal Credit Union 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 a Membership Account Review to ensure you’re taking full advantage of your membership benefits. You can schedule your review online, stop by your local branch or give us a call at (818) 548-3976.
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. Glendale Federal Credit Union 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 3/1/2015. Although the information Informa provided us has been obtained from banks themselves, neither Glendale Federal Credit Union nor Informa can guarantee absolute accuracy at the time of printing as rates can change without notice.