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Savings Growth Continues Along Disappointing Track

Savings growth at credit unions continues to be a disappointment.

By Sarah Snell Cooke | Updated on October 10, 2006

WASHINGTON — Savings growth at credit unions continues to be a disappointment.

“We were hoping to see, if not resurgence, at least a turn around in the savings growth. We didn’t get it,” CUNA Chief Economist Bill Hampel said. CUNA’s Monthly Credit Union Estimates found savings down 0.2% in August. Credit union savings is up just 3.3% from a year ago and up just 1.8% year-to-date, compared to 2.3% at the same point in 2005. Certificates (2.2%) and individual retirement accounts (0.6%) were up for the month, while regular shares, share drafts, and money market accounts fell.

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