WASHINGTON – Credit unions continue to experience substantial membership growth, as well as an improved retention rate, in the wake of the November 2011 Bank Transfer Day, according to a new survey by the National Association of Federal Credit Unions.
The survey results, which were reported in NAFCU’s October Economic & CU Monitor, included:
• Nearly 56% of credit unions responding said membership growth in the past year has exceeded expectations.
• More than half of survey participants (55.6%) confirmed the relationships with new members gained from Bank Transfer Day have strengthened. The most common impact among respondents has been an increase in accounts (60%), followed by real estate loans (33.3%), credit card loans (26.7%), auto loans (20%) and CDs (6.7%).
• The most common reason cited by new members for switching from a bank to a credit union is dissatisfaction with banks (46.7%), followed by superior credit union loan and deposit rates (30%), increase in bank fees (16.7%) and poor customer service at banks (10%).