Posted On: Aug 10, 2014
Credit unions have reached and surpassed 100 million memberships nationwide–equating to one in every three Americans, according to the Credit Union National Association.
Credit unions added a total of 2.85 million additional memberships over the past year–the largest reported increase in more than a quarter century. And, in percentage terms, the 2.9% increase was the fastest since 2000, according to the CUNA analysis.
At least two key measurements of consumer attitudes have recently underscored the reputation that credit unions have built among their members. At year-end 2013, the American Customer Satisfaction Index found, for the fifth straight year, that credit unions lead banks in customer satisfaction–scoring 85 out of 100, compared to 78 for all banks. Credit unions have topped banks in each of the five years they credit unions have appeared on the index.
In 2013, the Chicago Booth Kellogg School Financial Trust Index showed that consumers trust credit unions more than banks. The index, sponsored jointly by the Kellogg School of Management at Northwestern University and the University of Chicago Booth School of Business, showed trust in credit unions is 62% while trust in big banks is 28%.