Credit Unions Are Tops With Consumers for 20th Consecutive Year

PEWAUKEE, WI – For the 20th consecutive year, credit unions are tops for consumer satisfaction. That’s according to the latest annual American Banker/Gallup survey, which asked consumers how they feel about their financial institution.

Seventy-three percent of consumers who use a credit union as their primary financial institution are “very satisfied” with credit union service, while only 58% of bank customers felt that way about the service they received.

The survey also revealed that more credit union customers, called “members,” say they pay their bills online. More than a quarter (28%) of credit union members are now transacting this business via the Web, compared to 23% last year. That puts credit unions nearly on par with banks; the survey showed that 29% of bank customers use the Web for this activity.

“Close to 90 percent of credit union members have access to online services that allow them to conduct transactions such as pay bills, check balances, transfer funds and apply for loans,” says Brett Thompson, President & CEO of the Wisconsin Credit Union League, the trade association representing close to 300 credit unions, which have 2 million members.

“While the number of members using credit unions for these services has risen, a greater number of members may not realize they can access these services through their credit union,” Thompson adds. “Credit unions’ online services are as sophisticated as any bank, except members derive additional benefits from credit unions by having a member-ownership stake in their credit union.”

Credit unions are cooperatives that are owned by their members and do not have stockholders. Because they are not-for-profit, they return earnings to members in the form of more competitive rates of return on accounts and loans, lower fees and improved services.

Two million Wisconsin residents belong to credit unions. People can find a credit union to join by looking in the phone book or by visiting www.creditunion.coop.