Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Minnesotans have higher opinion of CUs than of banks
ST. PAUL, Minn. (5/18/10)--In Minnesota, credit unions have been insulated from the negative public opinion against financial institutions stemming from recent financial industry distress. The results of a new Minnesota Credit Union Network (MnCUN) survey indicate that 20% of bank customers in Minnesota think credit unions are more attractive than other financial institutions. The survey found that 40% of the state’s consumers trust banks less than they did before troubles occurred in the financial industry. The survey explored Minnesotans’ current attitudes toward credit unions and banks, reasons for choosing a primary financial institution, and general knowledge of and preferences toward the services credit unions and banks provide, MnCUN said. Other findings include:
* Roughly 30% of Minnesotans find credit unions more appealing, considering recent financial industry problems; * About 82% of Minnesotans trust credit unions about the same as in previous surveys and 13% trust them more in light of the financial industry’s problems. Comparatively, 43% trust banks less and 56% trust them about the same because of issues in the industry; and * Credit union members are twice as likely to recommend their credit unions to others as bank customers are to recommend their banks.
“With this study, we wanted to obtain an objective view of how Minnesotans currently view primary financial institutions--regardless of whether those views are positive or negative--so that our member credit unions have clearer insight into how they can better address the needs of their current members and potentially attract new ones,” said Mark D. Cummins, MnCUN president/CEO. “These findings tell us that the value credit unions bring to consumers really resonates with Minnesotans.” About 400 Minnesotans were randomly selected and interviewed via telephone for the survey between Feb. 25 and March 17. Padilla Speer Beardsley, an independent research and communications consulting firm, conducted the study and analyzed the results on behalf of MnCUN, while Information Specialists Group, a polling group, conducted the phone interviews.
Other Resources

RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
9 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
11 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
11 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
11 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
12 hours ago