Minnesotans Love Credit Unions More than Banks
Monday, March 09, 2015
ST. PAUL, Minn. – Minnesotans are passionate credit union supporters. In fact, when asked if they love their credit union or love their bank, Minnesotans say that they love their credit union nearly two-and-a-half times more often than they say they love their bank.
“Credit union growth in Minnesota has been non-stop over the past several years,” said Minnesota Credit Union Network (MnCUN) President & CEO Mark Cummins. “Consumers are more drawn to credit unions because they are honest and locally invested financial institutions.”
The 2015 Minnesota Credit Union State conducted by Fluence Media and American Strategies found that:
Consumers have more intense positive feelings about credit unions. Nearly four-in-ten (37 percent) are “very” favorable towards credit unions. Over one-third (35 percent) of credit union members “love” their financial institution – compared to just 13 percent who “love” their bank. In virtually every comparison, credit unions enjoy an intensity advantage.
Respondents feel that phrases like “honest and trustworthy” (46 percent describes credit unions better; 23 percent banks), “consumer friendly” (45 to 26 percent) and “has roots in the local community” (51 to 30 percent) describe credit unions better than banks. Also, fully 75 percent say the phrase “owned and operated for the benefit of its members and customers” better describes credit unions than banks.
An overwhelming majority (73 percent) have a positive reaction to credit unions growing their share of deposits. Pocketbook benefits like access to better rates and lower fees also resonate strongly with consumers. Support is up from 59 percent in a similar 2013 poll.
In addition, nearly one-quarter of all Minnesotans identify credit unions as their primary financial institution, and credit unions are viewed as more consumer friendly, locally rooted and invested in the local community than banks.
“The significance of credit unions as a major player in family finances, as well as business growth, will continue for the foreseeable future,” Cummins said. “The data we are releasing today confirms what members tell us in their local credit unions every day.”
In recent years, Minnesota credit unions have been significantly impacted by legislation and financial institution regulations enacted after the Great Recession and are leading efforts to protect members from data breaches and related costs. While both banks and credit unions are impacted by these issues, Minnesotans responding to the survey said that they support credit unions on policy positions more than banks. Other credit union priorities include helping Minnesotans increase their financial literacy and savings rate and enacting patent reform.
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With nearly $20 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve more than 1.6 million members at 400+ branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit www.mncun.org.