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Do You Primarily Bank At Credit Unions?

Poll QuestionCredit union membership reached a significant milestone this summer: 100 million members nationally, according to the Credit Union National Association.

That’s impressive, for sure.

But misleading perhaps.

We don’t question the number, only what it means.

CUNA Interim President/CEO Bill Hampel told the Credit Union Times: “Clearly, there is growing recognition for credit unions among consumers. They increasingly understand that a credit union places their interests above all else, particularly in returning financial benefits to consumer members in the forms of lower rates on loans, higher returns on savings, and lower and fewer fees.”

Hampel’s statement implies that all of those 100 million credit union members are using their credit union as their sole financial institution for everyday banking.

Essentially, that would equal one in three U.S. men, women and children.

We just don’t think that’s the case.

And the numbers don’t support 100 million people banking only at credit unions.

The DailyFinance website pointed out that credit unions have assets of $1.1 trillion, while commercial banks have $14.8 trillion.

Plus, raise your hand if you’ve ever joined a credit union for a great rate on a certificate of deposit or auto loan but continue to bank elsewhere.

(Don’t be shy. We’ve heard from enough of you over the years to know that this is frequently the case.)

We’d actually guess that some smart savers end up with multiple credit union memberships. Are those folks included more than once in that overall total?

Look, we’re not bashing credit unions. We think they’re an integral part of the banking system and the communities they serve.

The majority of the great local deals we find, like CD rates that beat the top national available offers from banks on our CD Rates Leaderboard, are at credit unions.

How big are credit unions in your financial life?

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If you belong to a credit union, where do you do the majority of your banking?
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