Natalie Ludewig is one in a hundred million.
By joining a credit union this summer, Ludewig became one of 100 million credit union customers nationwide, and 5 million in New York state.
Credit unions are snapping up customers at a rapid clip, according to the Credit Union National Association, which released these startling stats last week.
And that’s thanks to lower interest rates on loans and higher yields on savings than many banks offer.
The difference between the structure of credit unions and banks is that credit unions are member-owned, nonprofit organizations while banks seek profits for shareholders.
“When I took my first credit union job . . . people would ask, is that a union — what is it?” said Robert G. Allen, CEO of Smithtown-based Teachers Federal Credit Union, which boasts 241,000 members and assets of just under $5 billion. “The public’s awareness of credit unions has grown dramatically.”