CUs featured among “The Best” by MONEY
Monday, November 6, 2017
CUNA News Now (November 3, 2017) - Credit unions, and one of their key system partners, were well represented in a recent MONEY feature, “The Best Bank in Every State.”
Thirteen CUNA-affiliated credit unions appeared in the feature, which relied primarily on data from Bankrate.com to compile its rankings.
The feature also noted the value that credit unions typically offer American’s consumers, saying “Credit unions general offer lower fees and higher interest rates than traditional banks.”
Affiliated credit unions highlighted in the feature, and the states they represent, include:
- Alabama--Redstone FCU, Huntsville, Ala.;
- Alaska--Alaska USA FCU, Anchorage, Alabama
- California and Oregon--First Tech FCU, Mountain View, Calif.;
- Florida--Suncoast CU, Tampa, Fla.;
- Iowa--University of Iowa Community CU, North Liberty, Iowa;
- Massachusetts and New Hampshire--Digital FCU, Marlborough, Mass.;
- Minnesota--Wings Financial CU, Apple Valley, Minn.;
- Ohio--Wright-Patt CU, Beavercreek, Ohio;
- New York—Bethpage (N.Y.) FCU;
- Oklahoma--Tinker FCU, Oklahoma City, Okla.;
- Utah—America First FCU, Riverdale, Utah;
- Washington—Boeing Employees CU, Tukwila, Wash;
- Washington, D.C.--Alliant CU, Chicago;
MONEY also noted the geographic reach that the CO-OP ATM Network provides credit unions within their states and nationwide.
MONEY evaluated the 50 largest credit unions, the 90 largest brick-and-mortar banks, and 15 online banks, as identified by the bank consultancy firm Novantas. Bankrate collected data on fees, interest rates, and account requirements for checking and savings accounts.
Additional factors included J.D. Power customer service ratings, when available, from the 2017 U.S. Retail Banking Satisfaction Study, geographic reach within each state, recent enforcement actions, and mobile app ratings in the iTunes and Google Play stores.
When selecting state winners, MONEY excluded checking accounts that required a minimum balance greater than $1,500 to either open the account or waive monthly fees. Priority was given to financial institutions with checking accounts had no (or easily waived) monthly fees and low or no ATM fees. MONEY also sought higher interest rates for checking and savings accounts.