NEW YORK–Forbes has released its annual list of the Best-in-State Credit Unions for 2023.
The compilation for its Best Credit Unions in Each State 2023does not rate credit unions nationally, but does rank credit unions in each state according to its criteria. Nearly 150 credit unions were listed.
Forbes partnered with market research firm Statista and surveyed approximately 31,000 U.S. residents.
According to Forbes, participants were asked to name all the banks and credit unions where they have a checking or savings account and evaluate these institutions based on criteria such as customer service, the quality of the financial advice representatives offer and whether fees are transparent and reasonable.
“They were also asked about the ease of navigating the company website, on-location branch services and the overall level of trust the companies inspired,” Forbes said. “Additionally, reviews and ratings posted on Google Reviews between March 2020 and April 2023 were evaluated for each bank and credit union.”
Who Is Included
Forbes said nationwide banks and credit unions with branches in more than 15 U.S. states—like Bank of America, JPMorgan Chase, Wells Fargo and Navy Federal Credit Union—were excluded so that the lists reflect the “best of the smaller, regional institutions.”
Ultimately, said Forbes, 137 banks and 147 credit unions across all U.S. states made the lists, with 164 awards given to the banks and 157 awards given to the credit unions.
“The credit unions that topped the rankings offer many of the same personalized benefits that local and regional banks provide but with a nonprofit model,” Forbes stated.
CEO Explains the Difference
Sterling Nielsen, president and CEO of Mountain America Credit Union (rated by Forbes as No. 1 in Nevada but which is headquartered in Utah), told Forbes the core distinction between a credit union and a bank is “ownership”—and it dictates everything they do.
“We’re not here to make a profit,” he was quoted as saying. “We’re here to improve our members’ lives.”
One way the credit union is held accountable to this mission is through its volunteer board, which is made up of elected members, Neilsen told the publication. “Each member gets a vote whether they have $1 in deposits or a million dollars. Their sole purpose is to represent the membership.”
The full list can be found here.
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