Credit unions experienced a netdeposit outflow in September as members drew down their share draftbalances from the five payroll Fridays in August.

That's according to the CUNA Mutual Group's November CreditUnion Trends Report, which tracked data through September. At4.3%, the year-over-year deposit growth rate is below the previousseven years.

“The strategy of keeping deposit rates at historic lows ishelping credit unions avoid earning a negative spread on marginaldeposits,” Dave Colby, CUNA Mutual chief economist, wrote in the report.“This strategy helps reduce the overall cost of funds and cushionskey capital measures, but only works when there is excessliquidity. Current growth results come from membership increasesand very limited internal accumulation.”

Portfolios showed the 8.9% annual gain in regular sharesaccounted for 67% of the total savings gain, the data showed. Money market accounts were up5.8% from September 2012 and were responsible for 31% of thegain.

Share drafts were down 4.3% in September, but were up 6.2%year-to-date and 8% year-over-year. Colby said this segmentaccounted for 24% of the annual savings increase.

Combined, these liquid deposit accounts accounted for 122% ofthe YTD and annual gains, according to the report. Liquid depositsnow equal 70.2% of all deposits, up from 56.8% at the beginning ofthe recession.

Meanwhile, member deposits in certificates of deposit were down3.1% YTD, 3.9% year-over-year and 19% or $45 billion from theirMarch 2009 peak.