Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Bankrate Busts Myths About CUs
MADISON, Wis. (3/19/13)--A March 18 Bankrate.com article shatters the myth that switching to a credit union means sacrificing convenience.

Having a branch nearby is one of the most important criteria for many people when choosing a financial institution. A 2009 study by the Rand Corp. in Santa Monica, Calif., found that 59% of those surveyed ranked branch convenience as one of their primary reasons for why they choose chosen a financial institution.

The article also cites Credit Union National Association statistics in outlining how credit unions meet their members' expectations of convenience.

Credit unions have collaborated together to create shared branching networks, the Bankrate.com article explained. One credit union branch network, Credit Union Service Centers Network, has more than 5,000 branches nationwide and operates a 24-hour customer service call center.

Credit unions also offer access to an ATM network shared with other credit unions called the CO-OP ATM Network, which maintains nearly 30,000 ATMs nationwide, including more than 9,000 that can take deposits.

Also, some credit unions will waive out-of-network ATM fees and even reimburse members for fees charged by other ATM operators, Bankrates's 2013 Credit Union Checking Survey found.

Credit unions also leverage technology to offer convenience, said the article. About 85% of credit union members were satisfied with their access to online and mobile banking services, compared with 66% of customers of large national banks, according to 2012 survey by Boston research firm Chadwick Martin Bailey.
RSS





print
News Now LiveWire
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
15 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
16 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
17 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
17 hours ago
Things get hairy at #creditunions during #Movember http://t.co/Hc6tYRMSY8
19 hours ago