LANSING, Mich. (9/28/10)--More than twice as many Michigan credit union members have an outstanding relationship with their financial institution than do bank customers, according to a Michigan Credit Union League-commissioned Harris Interactive study. The league announced results of its first statewide consumer study Monday. The study concluded that 76% of credit union members are "absolutely confident" that their institution is the best place for their financial needs, while 31% of bank customers felt that way. “Credit unions’ not-for-profit structure means that the institution is always working in the best interests of the members,” says David Adams, league president/CEO. “This study shows that bank customers are moving their money to credit unions, including 15,000 people in Michigan through the first half of 2010, because of higher savings rates and lower loan rates and fees.” Harris Interactive found clear differences between Michigan banks and credit unions in member/customers’ satisfaction, loyalty and willingness to recommend the institution:
* Of credit union members surveyed, 67% believe their financial institution operates with their best interests in mind, compared to 21% of bank customers. * Of bank customers, 31% said they would “definitely” recommend their financial institution to a friend, family member or co-worker--less than half the 64% of credit union members who would do so. * Seven out of 10 Michigan credit union members will “definitely not” switch their primary financial institution in the next year. Three out of 10 bank customers agreed. * Credit union members gave their financial institution more positive ratings than bank customers for quality of service, overall value, problem resolution, transparency, trust and community involvement.
“Consumers are looking for alternatives, seeing this as a good time to switch to a financial institution they trust,” says Adams. “Credit unions are dedicated to helping people lead more secure financial lives as well as being safe, secure, federally-insured institutions.” A total of 419 bank customers and 409 credit union members--Michigan residents at least 18 years old--were surveyed online between Aug. 20 and Aug. 30.