Credit unions top banks in new Forbes ratings

Credit unions once again beat banks in new member/customer service ratings released by Forbes.

Credit unions earned an average score of 80 versus 75.2 for banks in Forbes’ first-ever Best-In-State Banks and Credit Union Ratings.

Respondents also offered a satisfaction rating of 4.42 for credit unions and 4.24 for banks, on a scale of 1 to 5.

“Customers prefer credit unions because they themselves are the shareholders,” says Friedrich Schwandt, CEO of Statista, a market research firm that Forbes partnered with to produce the ratings. “This is somewhat in keeping with the motto ‘Small is beautiful.’”


continue reading »