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Nearly 90 percent of Iowa’s credit union members love their credit union

DES MOINES, IA (December 29, 2014) — This year credit unions achieved a significant milestone by reaching 100.1 million memberships in the U.S. Memberships in not-for-profit, cooperative credit unions are now equal to more than 31 percent of the U.S. population.

In Iowa, where the state’s credit unions have more than 1 million members, a recent statewide survey of more than 1,500 credit union members and other consumers by the Iowa Credit Union League (ICUL) revealed:

87.3 percent of respondents said they love their credit union.
78.6 percent of respondents said being treated like a member owner, not just a consumer, was what they valued most about their credit union.
86 percent of respondents said when choosing a financial service provider, customer service is the most important quality to them.
89 percent of respondents said they encourage family members to use a credit union for their financial needs.

Nationally, the numbers are just as favorable. According to the American Customer Satisfaction Index (ACSI), credit unions are ranked first in customer satisfaction among financial institutions with a score of 85. The average bank score is 76. The 2014 ASCI report, a respected measure of customer satisfaction, ranks credit unions substantially better than traditional banks on every component including expectations, quality, value, loyalty and having lower complaints. This is the seventh consecutive year that credit unions have ranked above banks.

“Credit unions continue to be recognized as trusted financial partners who place the needs of consumers first,” said Murray Williams, Chief Operating Officer, ICUL. “Simply put, credit unions put people before profits and that has been the driving force of our growth and satisfaction numbers. Iowans want a member-owned alternative in the financial marketplace and are highly satisfied with the service their local credit unions provide them.”

The ACSI report showed members of credit unions have higher expectations of their credit union than customers of banks do – and over the past two years, not only have member expectations increased, but credit union satisfaction scores have increased as well.

For those who would like to join a credit union, Williams said credit unions make switching financial institutions easy.

“It can seem daunting to switch all of your accounts to a new financial institution, but if you aren’t a member I encourage you to check out the credit union difference.” Williams said.

To find a credit union near you, visit www.IowaCreditUnions.com.

Additional benefits of credit union membership include:

Lower Loan Rates – Credit unions offer comparable lending products and services as banks, but with statistically more attractive loan rates.
Higher Saving rates – Credit unions are not-for-profit cooperatives, which enables them to routinely offer their members more competitive rates on saving accounts.
Lower Fees – Credit unions typically have lower fees than for-profit banks.
Federally Insured Deposits – The National Credit Union Share Insurance Fund (NCUSIF) insures members’ deposits up to $250,000, the same level that banks are insured through the FDIC.
Convenience – Most credit unions offer leading edge mobile and/or online banking and easy nationwide access through shared branching with fellow credit unions and surcharge-free ATM networks.
Commitment to Service – Credit unions continue to receive the highest marks in the financial services sector for customer service and trust.

About the Iowa Credit Union League
The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their more than one million members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information on ICUL and Iowa credit unions, visit www.IowaCreditUnions.com. Follow ICUL on Twitter at www.twitter.com/icul or on Facebook at www.facebook.com/iowacreditunions. To learn more about credit unions, visit www.ASmarterChoice.org.