Credit unions combined data on new members with new checking accounts in response to CUNA's survey which is why the trade association's initial estimate of new members was higher than it turned out to be.
CUNA Chief Economist Bill Hampel said, "When we asked about new members, credit unions included people who had been members but had opened share draft accounts. And having a share draft account deepens the member's relationship with the credit union.''
In September, the last month for which CUNA has estimates, of the 93.5 million credit union members, 47.9 million did not have share draft accounts and 45.6 million did.
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.
