NEW YORK–Forbes has released its new rankings of To America’s Best Credit Unions in Each State 2024.
Larger banks and credit unions with branches in 15 or more states—including Bank of America, Wells Fargo and JPMorgan Chase—were excluded, are excluded from the rankings. But as CUToday.info has reported in the past, however, it should be noted that the rankings are based on a survey of Americans, and as a result CUs with smaller numbers of members (and most likely, assets) are more likely to be overlooked.
In its editorial coverage announcing the newest rankings, however, it does feature several CUs by name and highlight what it sees as their particular strengths.
Forbes partnered with market research firm Statista and surveyed approximately 26,000 United States residents, with participants were asked to name banks and credit unions at which they currently have (and previously had) a checking or savings account.
Questions Asked
They were also asked about banks and credit unions they know through friends and family and were asked if they would recommend those institutions to others and to rate them on such criteria as customer service, fees, digital offerings, financial advice given by representatives, and the trust the organizations inspire, according to Forbes.
In addition to the survey responses, Statista collected online text reviews and ratings about the banks and credit unions posted between February 2021 and March 2024.
How to Make the List
Both the survey responses and the online research were incorporated into the analysis and scoring process, and the financial institutions with the highest scores landed on its lists, Forbes stated.
“These top regional banks and credit unions—which populate this year’s lists—have learned how to build a loyal customer base despite being smaller and having fewer resources than their larger counterparts with branches spanning the country, and often the world,” Forbes reported.
Featured CUs
Credit unions featured in in its coverage include:
- OneAZ Credit Union, ranked number two in Arizona), which faces “intense competition from both traditional banks and fintech companies,” President and CEO Brandon Michaels, told Forbes, given that those financial institutions often boast the ability to invest more in technology and marketing than smaller banks and credit unions.
But OneAZ has used its smaller size to its advantage, according to Forbes. “Our focus on creating a people-first culture, where both associates and members feel tied to our purpose, sets us apart,” Michaels told the publication.
- Golden 1 Credit Union (No. 11 in California) also prides itself on being in the business of looking out for its members, according to Forbes. CEO Donna Bland told the publication CUs embody a “people-helping-people” culture, with such offerings as Golden 1’s financial wellness resource center and programs for first-time homebuyers that include down payment assistance and closing cost credits.
- Forbes quoted one member, Kate Ottavio Kent, of kok Public Relations, who belongs to Connecticut-based Sikorsky Credit Union (No. 1 in the state), as saying, “It’s a matter of comfort and customer service. Plus, I like supporting the small guy and the credit union versus a big bank.”
Forbes said Kent initially joined Sikorsky for her personal finances, and later began using the credit union for her business account.
Blessing & A Curse
According to the Forbes report, technology has been both a blessing and a curse for the nation’s credit unions.
“While digital advances have made managing one's finances more convenient—with tools that enable customers to handle tasks remotely, such as depositing checks through an app, transferring funds online, and receiving answers to questions via text—these tech innovations have also opened up the doors to digital fraud,” Forbes said.
The best credit unions, however, are addressing these risks head-on, according to Forbes. It said Golden 1, for instance, is using AI to spot identity theft and offering members educational programs to help them defend against fraud.
The credit union listings can be found here.
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