CHARLESTON, W.Va. (2/12/13)--Consumers have lost trust in the financial services industry, but West Virginians continue to show faith in their credit unions, according to the Charleston, W.Va. Sunday Gazette-Mail, the state's largest daily newspaper.
Members show that trust by increasing their deposits, year after year. Credit unions are in very good shape, despite two difficult years in the financial industry, and have seen record growth, said Ken Watts, president of the West Virginia Credit Union League, in the article.
Credit union assets in the state grew 7%-8% to $3.1 billion, and the league expects the state's 100 credit unions will have about $3.2 billion in assets by year-end, Watts told the publication.
As of June 30, West Virginia's credit unions had 388,492 members, who are "safe and confident [in credit unions] and continue to bring in more money," Watts added.
Credit unions face a number of regulations, he said, adding they are paying for problems they weren't responsible for and are affected by a "broad-brush approach" in regulations.
The article also noted that banks are phasing out products such as free checking accounts, and credit unions have found a way to compete. It cited Charleston-based Pioneer WV CU's two free checking and savings accounts that offer rewards to members who meet monthly qualifications. Kasava Cash is a free checking account with high interest--up to 3%--for members who sign up for electronic statements and use their debit cards a minimum number of times each month.
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