While big banks are struggling to keep their current customers happy, credit unions across the nation are reaping the benefits and increasing membership.
Reports from the National Credit Union Administration show that credit unions added 1.3 million new members in 2011. The total number of members amongst the over 7,000 federally-insured credit unions was nearly 92 million at year-end.
The bulk of this growth was in the fourth quarter where 30% of the increase occurred when events like Bank Transfer Day encouraged big bank customers to switch their finances to credit unions.
Credit unions typically offer better rates and charge members fewer fees. When big banks announced plans to charge more for checking accounts and to test a monthly fee for debit card use, their customers decided to take matters into their own hands. Credit unions not only saw their membership grow, but their assets and accounts increased in the fourth quarter and throughout the year. Lending and industry earnings, including net income at credit unions, also increased more than 40% in 2011.
Big bank customers are realizing the advantages of conducting their financial business at credit unions like Founders. Founders is strong and offers many of the same services the big banks do, but with more personalized service. By becoming a member at Founders, you will receive all the benefits of credit union membership. Founders Federal Credit Union is one of the largest, most innovative credit unions in the nation. As a business partner, you and all your employees qualify for membership at Founders. For more information about membership, visit the “How to Join” page at www.foundersfcu.com or contact Business Development at 803-289-5724 to schedule an on-site sign up at your company.
This article was written by Cilla Thomas.
It was published in the Founders FCU's CU Connect Newsletter (April 2012).