Oregon Survey Finds Consumers Prefer Credit Unions Over Banks
BEAVERTON, Ore. -- Oregon consumers prefer opening an account at a credit union over a bank by a ratio of 40% to 33% with 27% unsure, according to a survey conducted by the Credit Union Association of Oregon.
The statewide telephone survey, taken by a Portland research firm in early May and whose results were released last week, also shows 33% of the 503 respondents indicate "low cost services/fees" were factors in choosing a financial institution. A total of 32% picked favorable loan rates as a deciding factor.
One surprising finding, though the CUAO said may not indicate any serious trend, showed those 70 and over were the only group least likely to prefer a CU and most likely to prefer a bank.
"Traditionally, this age group is stronger for credit union support," said the CUAO in a prepared release on findings in the survey taken by Riley & Associates, a Portland polling firm.
On a regional basis, the survey found that CU membership is preferred over banks in all five parts of the state, Portland, Willamette Valley, Southern Oregon, Central/Eastern Oregon and the Coast. Willamette Valley showed the highest preference, said the CUAO.
CUAO said results from the survey were being shared with member CUs in the trade group which paid for the study as part of funding for its two year old
"You Belong" awareness campaign.
That campaign is a mix of outdoor billboards, transit, print, radio and in-branch displays. The survey was conducted to help gauge progress of the campaign, said Pam Leavitt, senior vice president of governmental affairs and public relations.
The survey was designed to give Oregon CUs a "polling snapshot" as to how they are being perceived in the market. The study was funded through the association's Defense Fund under auspices of the Governmental Affairs Committee.