A recent survey showed that credit unions display a 73% favorable rating compared to 56% for large national banks. Also, 94% of Americans support expanding credit unions into more communities and small-business lending, especially as bank fees rise and consolidation accelerates. More than 2,500 registered voters were polled, 40% of whom are credit union members.
According to the survey conducted by national polling firms Frederick Polls and Harper Polling and shared Monday by America's Credit Unions, consumers trust credit unions as financial institutions during times of economic uncertainty. Performance gaps are consistent, showing +24 on low-cost loans, +17 on trust, +15 on responsive service, +15 on ease to obtain loans and +16 on community connection for credit unions compared to big banks. In addition, voters also want to keep credit unions tax-exempt.
The survey also showed that 80% agree that "Americans would be better off financially if more were to use credit unions rather than banks." Seventy-four percent of bank-only customers agreed.
"Credit unions aren't just another financial option. They're the partner Americans trust to move forward with confidence," Scott Simpson, president/CEO of America's Credit Unions, said. "When banks raise fees, close branches or consolidate, or when prices force consumers to stretch their budgets, credit unions remain present, community-rooted and committed to delivering practical, affordable financial support. This 'partner' model is exactly why Americans continue to rely on their credit unions for guidance, from managing inflation and securing low-cost credit to maintaining financial stability and supporting local economies."
Joyce Moed can be reached at joyce.moed@arc-network.com.
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