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WASHINGTON – One in 10 online members are using a high-yield savings account at another financial institution, according to a recent survey conducted by Callahan’s Internet Strategy Consortium. The data show that usage may be centered among some of the credit union’s most profitable members, as the proportion rises to 19% of online members with incomes greater than $100,000, Callahan reported. The online survey, conducted with more than 12,000 members, also reveals that many members are interested in opening similar accounts at their credit union provided that a competitive account is offered, according to Callahan. Even those who have opened accounts elsewhere are interested in transferring funds back to their credit union. “With share growth at a historical low, credit unions should be proactive in their deposit gathering strategy. This survey highlights the need for credit unions to take a look at where their members are transferring money,” said Jay Johnson, executive vice president, Callahan. The Internet Strategy Consortium is a research group of 15 credit unions that conduct quarterly surveys with online members and identify strategies for improving online services.

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