COWETA, Okla.-Credit unions are heavily engaged in financial education, but what do educators think of credit unions?
According to research conducted by FinSurveys.com of elementary and secondary teachers in the U.S., educators largely fall in line with consumers in general when it comes to perceptions of credit unions, banks, and the services offered. Those surveyed all had an account with either a bank or credit union, FinSurveys said.
Survey respondents indicated that overall they were happy with their current banking relationships. The majority of participants hold one-four accounts.
“This represents a potential cross-selling opportunity for many institutions, as these accounts were distributed among a variety of types and brands of financial institutions,” FinSurveys.com said in its analysis.
When asked why they like their bank or CU, convenient locations and self-service options topped the list.
Conversely, while high fees, low interest paid, and poor service topped the list of why respondents disliked their bank, FinSurveys.com noted that “the results of other research shows that consumers do not mind paying fees if the service received is perceived as worthwhile and positive.”
As for self-service banking, the Internet and mobile applications lead the pack in terms of reported usage, and also qualified as the more important services to the respondents.