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.
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