These CU deposits at record level
Consumer checking account balances in the past year have soared to record levels at credit unions even as balances in bank checking accounts have been falling, a new report reveals.
The Moebs $ervices Checking Study shows consumers at banks reduced their checking balances 1.8% through June, while members at credit unions increased their checking balances 3% and thrift customers 20.7%.
“Consumer checking account balances at credit unions and thrifts rose so much in the year ending June 30 it offset the banks’ decline, so overall consumer checking balances per account stay the same year over year,” noted Michael Moebs, economist and CEO of Moebs Services.
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