2.1 million more turn to CUs for value

November 29, 2012

2.1 million more turn to CUs for value

The addition of 2.1 million to credit union membership rolls in just the first three quarters of 2012 indicates expanding recognition that credit unions deliver superior value, said NAFCU Senior Vice President of Marketing and Communications Karen Tyson.

NCUA released call report data Thursday that showed membership up 743,000 just in the third quarter. In the 12 months ending Sept. 30, the growth totals 2.5 million. Already, membership growth from January through September outpaces last year's record influx of 1.3 million new credit union members.

"We know much of the 2011 growth was driven by Bank Transfer Day," said Tyson, referring to the social media campaign responding to high bank fees. "It has been more than a year since that highly successful campaign, and we think it's clear that the message of credit unions providing better service at lower cost has taken hold. Consumers see tangible benefits to being a credit union member."

NAFCU President and CEO Fred Becker welcomed the third-quarter results. "Once again, we have proof that credit unions are becoming the choice for more and more Americans." He said their not-for-profit business model makes credit unions "an outstanding choice for consumers who are fed up with the big banks' fee ‘Whack-A-Mole."

The third-quarter data released Thursday also showed growth in total assets, loans, savings and a decline in loan delinquencies.

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