Deposits Drained From CUs
MADISON, Wis. - (12/05/05) -- Members continued to pull theirsavings from credit unions in October, as share rate continued tolag other available investments. Credit union shares fell inOctober by 0.5%--the fourth month this year of decline--putting2005 on pace for the lowest share growth on record, according toCUNA. There was a 3.1% drop-off in share drafts and a 1.3% fall inregular shares, which continue to pay record low rates. Datacompiled by DataTrac shows the average rate paid by credit unionson share drafts is just 0.51%, and for regular shares, a meager0.83%, near all time lows. Through the first 10 months of the year,savings/shares have grown by just 3.3%, one of the lowest growthrates on record, according to CUNA.