Americans are continuing to join credit unions in record numbers, for a variety of different reasons. They may join for an affinity, their occupation or because its a part of their community. This number has continued to grow over the last 5 years, with currently more than 1/3 of the US population having joined a credit union. In fact, according to a recent report from Callahan and Associates, the first quarter of 2019 saw 118.6 million peoplewere members of a credit union, up from 114.1 million the previous year. The first-quarter of 2018 hit a record number for growth with a 4.3% increase in membership, and while numbers for the Q1 2019 are down a little, credit union membership is still strong.
Credit union growth occurs due to several factors. Sometimes it’s something that occurs organically through expanding fields of membership, which in turn helps CUs grow membership and deposits. Sometimes it is the quality of member services combined with increasing technology capabilities that attract new membership. Being part of a credit union has its benefits such as lower interest rates and fees, personalized service and profit sharing… a benefit that a growing number of Americans seem to appreciate, as the numbers indicate.
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