A look at the impact of COVID-19 on member transactions during April

Most credit unions saw a decrease in overall transaction volume this month, while some transaction amounts increased significantly.

During the month of April, the economic effects of the COVID-19 pandemic continued to intensify as the number of known cases rose rapidly and states increased restrictions to flatten the curve.

At the same time, the U.S. government implemented a massive stimulus plan to inject $2 trillion into the economy. Aid in the form of emergency business funding, expanded unemployment benefits and stimulus checks for most Americans have just started to filter into the system.

Based on data aggregated from credit union clients, CU Rise Analytics has analyzed member transactional behavior in this dynamic economic climate. Here’s a look at how things played out during the first part of April.

 

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