WASHINGTON — After a glimmer of hope in September, credit union savings growth at this point is not getting any better, according to CUNA's latest data.
"The surge in savings growth we saw in September was not repeated in October," CUNA Chief Economist Bill Hampel said. "Savings slinked back again into negative territory in October, so we are once again on track to have 2006 be the weakest year for savings inflows into credit unions since World War II."
CUNA's Monthly Credit Union Estimates showed credit union savings dropping 0.3% in October dragging year-to-date savings growth down to 2.9% from 3.3% for the same period last year. CDs were up 2.2% followed by individual retirement accounts at 1.0% and money markets up 0.5%. However, share drafts fell 4.2% and regular shares were down 1.7% for the month.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
