For many credit unions, the first 90 days after a new member signs on can be a critical gauge on whether a relationship can be nurtured and sustained for the long term.
An in-depth look at what has become of all those new members after last fall's big surge.
A look at what has become of all those new members after last fall's big surge. A preview from next week's print edition.
Regular shares continue to be where many members are parking their savings these days, CUNA Mutual Group's latest trends report shows.
With the one-year anniversary of Bank Transfer Day approaching, credit unions continue to tout how the national financial institution-switch movement helped catapult their new member figures into record territory. But that success has forced some credit unions to deal with unprofitable new accounts, an industry expert said.
Just a year ago, credit unions were in the midst of a 2.3% contraction within their auto loan portfolios. Not anymore.
Credit unions have more members and they are saving more.
According to CUNA Mutual Group, used vehicle loans at credit unions were up 3.7% year to date and 6.8% since June 2011.
Despite yields remaining at near historic lows, it has not discouraged members from seeking the safe haven of insured deposits.
Total vehicle loan portfolio shows 2.1% year to date gain, says CUNA Mutual Group.