ANNUAL SAVINGS REPORT

Fibre Family members saved $24.4 million!

THERE IS VALUE IN MEMBERSHIP.

We work hard to earn the honor of being your trusted financial partner. As your financial cooperative, we think it’s important for you to know the value your Fibre Federal and TLC 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, Fibre Federal and TLC members collectively saved more than $24.4 million this past year simply by having their accounts with Fibre Federal and TLC versus a leading bank. That’s an average of $302 per member.

*These figures represent product categories, which consist of multiple account types. For example, two checking accounts would be considered one checking product.

Are You Making The Most Of Your Membership?

On average, Fibre Federal and TLC members saved $302 each in 2021 just by having their accounts with Fibre Federal and TLC versus a leading bank. If your membership savings amount was more than that, congratulations! You’re likely making good use of your Fibre Federal and TLC membership. But are you making the most of it? If you saved less than $302, you may not be taking full advantage of all that your membership can offer.

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 relationship is with you, the more you save. Members with one Fibre Federal and TLC account only saved an average of $46 annually whereas members with seven accounts saved an average of $1,630.

How do your savings stack up?

Below are the average member savings amounts by account type. If your account’s savings were less than the average, we encourage you to stop by your favorite financial services center or give us a call at 800-205-7872 to review the membership benefits available to you

Average Savings by Account Type

Deposit Accounts

Regular Savings

$53

Checking

$199

Money Market

$315

Certificate

$102

IRA Certificate

$77

Loan Savings

Auto Loan

$188

Credit Card

$131

Consumer Loan

$42

Home Equity Loan

$341

Mortgage

$429

As a financial institution, we’re all about numbers. In fact, we’re obsessed with saving you money. In case you’re a little 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.

Term Definitions

Rate Benefit

The rate benefit is the difference between your personal account rate and the average bank account rate for your assigned market area.

Account Balance

The definition varies by account type as follows:

For open loans, we used your current account balance (Rate Benefit × Account 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 × Account Balance) + Fees

Fee Benefit

The fee benefit represents the difference between the average bank account maintenance fee for your assigned market area and Fibre Federal and TLC’s account maintenance fee for a comparable account.

Our Research Partner

We partnered with Informa Research Services, Inc., Calabasas, CA, www.informars.com (https://financialintelligence.informa.com/), to conduct this research. Although the information Informa provided us has been obtained from banks themselves, neither Fibre Federal and TLC nor Informa can guarantee absolute accuracy as rates can change without notice.

Savings

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 Fibre Federal and TLC 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.

Calculation

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. We have very few account maintenance fees so your membership really helps you save big in the fee area.

Data

Where did you get the data?

We partnered with Informa Research Services, Inc., Calabasas, CA, www.informars.com (https://www.informars.com) to conduct this research. We compared market rates using financial data from March 2022. Although the information Informa provided us has been obtained from banks themselves, neither Fibre Federal and TLC nor Informa can guarantee absolute accuracy as rates can change without notice.

Start saving even more today!