WASHINGTON—More members are making credit unions their primary financial institution, according to Callahan & Associates.
Mid-year numbers show that credit unions claimed a record-high of 8.9% of total U.S. insured deposits. Overall, total deposits at credit unions increased by $41.1 billion annually to reach $921.5 billion as of June 30.
Looking at the last five years, credit unions have added 7 million new members and grown deposits by 33.9%—or $233 billion in new deposits. The average member deposit exceeds $9,500, according to numbers posted by Callahan's.
Perhaps the strongest indication members see their credit unions as their primary financial institution is that credit union checking account usage has risen from 45.6% in June 2008 to more than half of all members (52.1%) at mid-year 2013.
Credit unions have increased their deposit market share in 30 states since June 30, 2012. Alaska captured the highest deposit market share among U.S. CUs as of June 30, 2013-40.6% of total deposits there are now held at Alaska credit unions.