The Texas Credit Union League is hoping there is good news in a Gallup Poll out this week which shows confidence in banks is at an all time low in the U.S.
In an email bulletin, the league noted the Gallup results showed banks among major institutions had a 2% drop last year with only 21% of Americans showing confidence, a development underscoring the impact of Bank Transfer Day.
In interpreting the Gallup results, Richard Ensweiler, president/CEO of the league, said BTD showed disgruntled bank customers have had enough of high fees and thus credit unions “now have an unprecedented opportunity to continue highlighting the credit union difference in tangible terms.”
In conducting its yearly institutions survey, Gallup found that among U.S. groups like the military, big business and police, banks have dropped more in the confidence polls than any other institution since Gallup was created in 1979, the league said.
“While banks are continuing to hurt as they add more fees, credit unions are continuing to see waves of membership growth that doesn’t appear to be stopping anytime soon,” said Ensweiler.
Quoting a CNN Money article, Ensweiler said credit unions took in 667,000 new members during the first quarter of 2012, a 62% increase since the previous quarter.