SAN DIEGO — A new survey shows even CU members who use banks more often than a credit union say they trust a CU more than they do banks.
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The research, released by CUTS Performance Marketing and conducted in conjunction with Kelton Research, found 88% of members saying they have more faith in their credit union than a bank. But perhaps more importantly, even among those who use their banks more often, 69% still find credit unions more trustworthy than banks. Among the other findings:
- 61% of members enjoy being a member because they believe credit unions will keep their money safe, while 43% say CUs to higher standards than other financial institutions.
- 72% say belonging to a credit union has more advantages than being a bank customer, with 35% saying their preference of a credit union over a bank is one of the chief reasons for joining.
- On primary benefits of CU membership, 62% cited safety of deposits, 55% cited special discount offers on non-traditional products that fall outside of typical banking offerings, and 51% pointed to "convenient branch locations."
- Of the 95% who indicated they trust special discount offers from their CU, 79% still purchase those products elsewhere.
- According to CUTS Performance Marketing, only a small percentage of products are purchased or accessed directly through the credit union s branch or website, including auto insurance (4%), tax preparation software (3%) , event tickets (3%) and personal finance management software (2%).
The survey results are based on 401 credit union members surveyed Feb. 24 through March 2.
