CD-style deposits skyrocketed last year at the nation's credit unions - a sign of the industry's aggressive attempt to keep and build its membership.
Yearend deposits in share certificates - the credit union version of certificates of deposit - totaled $57.8 billion, according to the National Credit Union Administration. That's 54.8% more than at yearend 1994 and constitutes more than a fifth of all credit union deposits. "If you increase rates, they will come," said Joseph W. Veneziani, chief executive of Group Health Credit Union, a $140 million-asset Seattle association. Group Health was sixth in the nation last year in terms of percentage increase in the product - 444%, to $24.7 million.