Credit Unions Growing at Sustained Increasingly Strong Pace

Credit Unions Growing at Sustained, Increasingly Strong Pace

Comment by CUNA President and CEO Bill Cheney On release by NCUA of 3rd Qtr. '13 CU membership totals

November 29, 2012

Contact: Patrick Keefe
CUNA Communications, 202-508-6765

Something remarkable is clearly happening. Turned off by excessive fees and impersonal service - too often found at today's banks - consumers are turning to credit unions as a better, local and lower-cost alternative. It's great to see, a year after Bank Transfer Day occurred in November 2011, that the number of new people joining credit unions continues to grow at such a sustained and increasingly strong pace. By our estimate, U.S. consumers save $6.3 billion a year in better rates and lower fees by using member-owned, not-for-profit credit unions rather than banks for their financial services. The third quarter data show that people are responding in droves."

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