Research Proves Consumers Know Diddly Squat About Credit Unions

Research Proves Consumers Know Diddly Squat About Credit Unions


*As appeared in The Financial Brand.

What consumers don't know about credit unions is a lot. There are still many myths and misconceptions surrounding what credit unions are, what they offer and who can join.

 

Many consumers still think you have to belong to a labor union to become a member. They assume credit unions have limited products and services. They believe credit unions are technologically inferior to banks, and that banks have better security. While credit unions have always had a big awareness problem, these research findings show how much work they have to do.

Two out of every five non-members think they can't join a credit union

 

40% of non-members think they can’t join a credit union.
— CUNA

Do Americans believe banks offer more products/services than credit unions?

 

45% of Americans believe banks offer more products and services than credit unions
— Affinity FCU/Harris Poll

Three out of every five non-members think credit unions don't offer mortgages

 

3 out of 5 Americans think credit unions don’t offer mortgages.
— Affinity FCU/Harris Poll

Over half of Americans believe credit unions don't offer mobile/online banking

 

 

Over half (55%) of Americans believe credit unions don’t offer mobile/online banking.
— Affinity FCU/Harris Poll

64% of non-members are not familiar with credit unions 71% of Millennial non-members are no familiar with credit unions

 

64% of non-members are not familiar with credit unions.
71% of Millennial non-members are not familiar with credit unions.
— CUNA

What consumers see as the top obstacles to joining a credit union

 

Top 10 Obstacles to Joining a Credit Union
38% Inconvenient branch locations
33% Not enough branches
25% ATMs are inconvenient
19% Don’t have the type(s) of accounts I need
16% Not eligible to join
16% Don’t know where a credit union is located
12% Don’t have the types of services I need to access my account
12% Rates are not competitive
— MCUL

3 out of every 10 Americans say it's difficult to find a credit union they can join

 

3 in 10 Americans say it is difficult to find a credit union they can join
— Affinity FCU/Harris Poll

16% of Americans use a credit union as their primary financial institution

 

Only 16% of Americans use a credit union as their primary financial institution. 84% don’t.
— Affinity FCU/Harris Poll

1 in 4 people using credit unions don't identify themselves as a "member"

 

1 in 4 people who use a credit union don’t identify themselves as a credit union “member”.
— CUNA Mutual

16% of current members say they would not consider a credit union again. 38% of these said this was due to inconvenient branch locations.

 

16% of current members say they would not consider a credit union again.
38% of these said this was due to inconvenient branch locations.
— RAND Corporation

61% think that credit unions care more about their members than banks do

 

Do credit unions care more about their members than banks do?
61% yes
39% no
— Affinity FCU/Harris Poll

64% of people do no know that credit unions are not-for-profit

 

64% don’t know that credit unions are not-for-profit.
— CUNA

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