Valentine’s Day might be a good day to break up with your bank, according to McGraw-Hill Federal Credit Union.
The$304 million East Windsor, N.J., credit union has released survey results it said showed that more than 70% of Americans would do just that if offered a better alternative, and 40% citing high hidden fees as the biggest reason.
McGraw-Hill FCU said it used the online services of Toluna, which said it reached out a nationwide pool of 1,050 people over age 18, none of them credit union members, to come up with the results.
The 20,300-member credit union said its poll results showed:
- 36% likened dealing with their bank to interacting with their in-laws (in a negative way)
- Over 25% of women surveyed, selected “I Can’t Make You Love Me” as the song that best described how they feel about their bank
- 73% of respondents ages 18 to 29 were interested in learning about a new banking option.
McGraw-Hill FCU said credit unions are the healthy antidote for a loveless relationship with a bank.
“Credit unions can provide consumers a caring, healthy financial relationship,” said Shawn Gilfedder, the credit union’s president/CEO. “Attaining financial wellness helps consumers gain greater control of their finances, resulting in better decision making, fewer financial worries, and reduced stress."