Debit Card Usage Tied To Improved Loyalty
Member loyalty is higher among those who carry a credit union debit card than those who do not, according to a new study.
Raddon Financial Group said it found in a new survey that 35% of households who have a checking account and a debit card with their credit union would give the credit union all or most of their future loan business. That compares to 30% of households who have a checking account but no debit card and 24% of households without checking. The Raddon study further found that 44% of households who have a checking account and debit card with a credit union would give all or most of their deposit business to the credit union, compared to 38% of households who have a checking account but no debt card, and 19% who do not have either product.
"This data suggests that credit unions have another weapon other than price in their arsenal to create a greater affinity with members," said Bob O'Meara, VP-director of research.
For info: www.raddon.com or 800-827-3500.