TULSA, Okla., DENVER, and DES MOINES, Iowa (9/7/12)--Newspapers in Oklahoma, Colorado and Iowa this week reinforced what credit unions and their members already know--that credit unions are a shrewd choice for today's consumer and that's why they have grown in assets, members, deposits and loans.
A reader of the Tulsa World asked "why do some people leave banks to join credit unions?"
"Rising fees and scandals have fueled consumer misgivings about banks, driving them to the alternative: credit unions," said the World in "Credit unions can be a shrewd choice." It turned to the Credit Union National Association (CUNA), which explained credit unions gained 1.3 million members last year. "Their mission is to provide members with affordable financial services," said CUNA spokesman Pat Keefe in the article.
It noted recent customer satisfaction surveys have indicated credit unions provide superior service, leading to satisfied members and a customer satisfaction rating of 89%--seven points better than the banking industry average.
Bankrate.com explained in the article that credit unions' expanding fields of membership makes them more accessible and they have better "very competitive" interest rates and fewer strings attached to their accounts, with 72% of credit unions in Bankrate's checking survey requiring no minimum balances to avoid fees.
Two other articles, like several the week before, have picked up state statistics based on the National Credit Union Administration's recently released analysis of how well credit unions are doing state by state.
The Denver Post and Denver Business Journal Online reported Colorado credit unions are near the top of the list for both year-to-year growth and for deposit growth, noting that the state has 9.2% in asset growth during first quarter and an 8.8% increase in deposit growth for that period.
An article in the Gazette.com (Sept. 5) also pointed out that Iowa's credit unions recorded a 9.7% year-over-year increase in lending during second quarter, with the state ranking No. 3 in loan growth nationally and No. 2 nationally with a 12.2% deposit growth increase. Iowa credit unions saw a 12.5% jump in asset growth for the quarter, over second quarter in 2011.
The Iowa article also noted national credit union statistics, including a 1.2% increase in business lending to $40.2 billion, according to NCUA statistics.
To read the articles, use the links.