Banks Pass Credit Unions on Satisfaction, Deposit Rates

Nov 26, 2019

Banks outperformed credit unions for the first time in the history of the American Customer Satisfaction Index. Banks scored 80 on the index, topping credit unions' score of 79. Community and regional institutions led the way with a score of 83, while national and super regional banks scored 78.

Separately, CU Today reported that banks are paying more for deposits than credit unions for the first time since 2007, indicating that credit union growth could be slowing. According to the report, 2019 total interest expense is 90 basis points for banks and 83 for credit unions, a 7.8 percent difference.

Meanwhile, Moebs Services recently reported that free checking has dropped 59.2 percent at credit unions compared with a 37.2 percent decline at banks, despite the credit union tax exemption.