CUs TOP CHOICE FOR CONSUMERS
updated 07/22/13 08:00 AM
Poll Shows 74 Percent Preference Rate
Credit unions are the preferred financial institution choice for consumers, according to a new GoBankingRates.com poll.
Among those polled by GoBankingRates.com and its partner sites US News, Boston.com, AL.com, and The City Wire, approximately 74 percent of respondents selected credit unions as their preferred institution, followed by community banks (14 percent), national banks (10 percent), and other institutions (2 percent).
"For users of financial services, it's all about trust—and the credit union model, as a cooperative operating on a not-for-profit basis with no shareholders—engenders the trust among consumers and small business customers," said Paul Gentile, Credit Union National Association (CUNA) executive vice president of strategic communications and engagement.
While the poll speaks favorably of credit unions, a general survey by GoBankingRates.com found that credit unions are still a long way to becoming the average person's primary financial institution. And according to CUNA, that's all the more reason for credit unions to adopt the Unite for Good initiative and raise awareness about the benefits of credit unions.