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October 20, 2014

Inc.com: CUs' innovation drawing millennials

Credit unions' focus on service and their adoption of technology products are helping the member-owned cooperatives draw millennials away from banks, reports Inc.com.

In "How Credit Unions Are Winning Over Millennials," the publication looks at some of the things credit unions are doing that speak to millennials' needs and values: focus on community, convenience, innovative products and services.

The article notes South Carolina Federal Credit Union's fee-free offers for those under 25 years old; with "Oops Refunds," for example, the credit union gives members one fee refund a quarter "in recognition that they are still learning how to manage their accounts." The article also points to Navy Federal Credit Union as an early adopter of Apple Pay.

"Innovative tech products and creative programs like these are drawing millennials away from big banks," the article says. "And as community-based, member-owned businesses, credit unions are perfectly positioned to appeal to millennials."