Newsroom

November 03, 2011

CUs beat big banks in Harris poll; Bank Transfer Day press continues

Credit union members are three times as likely as Bank of America customers to experience a trustworthy relationship and feel valued, according to results of a Harris Poll survey conducted online from Oct. 10-17.

The poll results, released Thursday by Harris Interactive, ties in with the Nov. 5 Bank Transfer Day Facebook project that, with Bank of America's announcement last month of its now-dropped plan for debit-card fees, has been drawing media and consumer interest to credit unions for more than a month.

"Perhaps some banks are beginning to listen to customer dissatisfaction given this week's retreat of monthly debit card fees," it said. "This level of consumer engagement and resulting action may indicate a groundswell of support for customers to stop being so historically passive when it comes to switching their primary bank."

Bloomberg reported on the poll results as well as CULookup.com. The service also asked Anthony Demangone, NAFCU's senior vice president and chief operating officer, why credit unions are doing so well. "It's not a surprise," said Demangone. "People are starting to see that this model has very strong points that are pro-consumer."

Survey results

In the Harris survey, 74 percent of people with credit unions as their primary institution rated the trustworthiness of their relationship with the credit union as "excellent" or "very good." That response was given by only 45 percent of those with big banks as primary institutions.

Additionally, 87 percent of surveyed credit union members said they are "extremely likely" to continue that relationship in the near future, while only 58 percent of big bank customers said the same of their banks. Banks named in the survey questions were BofA, JP Morgan Chase and Wells Fargo/Wachovia, and each received lower ratings than credit unions in all responses comparing the two types of institutions.

In other figures:

  • 73 percent said they were "extremely satisfied" or "very satisfied" with credit unions, while only 44 percent gave those marks to banks.
  • 72 percent rated credit unions as "excellent" or "very goo" at valuing them as a customer, while just 43 percent said the same of big banks.

The survey was conducted within the United States and involved 2,463 adults 18 and older, according to Harris Interactive.

CUs prepare for The Day

NAFCU member credit unions continue to make preparations for Saturday's Bank Transfer Day, offering special incentives and financial education helps to those asking about membership.

  • Stanford FCU in Palo Alto, Calif., is offering $100 each to the first 100 persons to open a checking account Saturday with a $500 direct deposit at its university branch or line.
  • Finance Center FCU in Indianapolis, Ind., is inviting people to join Saturday. The new members will receive $25 for opening the account and will be entered into a drawing for a $250 Visa gift card. (The same goes for members referring new people who join.)
  • Lion's Share FCU in Salisbury, N.C., simply has a message on its home page inviting people to join; it offers offer a checking account with no debit-card or maintenance fees attached.