In a national ranking of credit unions that provide the most value to members, Long Island’s NEFCU was rated highest in New York State, according to the independent research firm Callahan & Associates.
NEFCU received a “Return of Member” score of 96.41, which placed it ahead of all other local Long Island and New York State credit unions. NEFCU scored 96.41 out of a possible 100.
In computing each credit union’s score, Callahan & Associates measures all aspects of a member’s relationship with the credit union. ROM captures a comprehensive view of member value by considering aspects such as how its rates compare with its competitors, how many products and services it offers, and how many members use these products.
“It’s a thrill to be ranked the top credit union in the state, especially by the metrics of how we return value to our members,” said Ed Paternostro, president and CEO of NEFCU. “Convenience, great products, superb service and appealing rates all combine to benefit our members, which, in turn, leads them to be more engaged, active – and satisfied – with NEFCU. We’re clearly fulfilling the credit union mission.”
For more than two decades, Callahan & Associates has been measuring ROM among credit unions.
The comprehensive metric uses savings, lending and product usage to quantify member value and assign a score to more than 6,000 credit unions across the country. The ROM offers a way to demonstrate the tangible benefits of credit union participation and ownership.