BASKING RIDGE, N.J.– Although 61% of consumers believe credit unions care more about their members than banks do, a new study has found that only 16% of Americans currently use a federal credit union as their primary financial institution.
The lack of PFI status signals “major missed opportunities for account holders and borrowers,” according to Affinity FCU, which commissioned the online survey conducted by Harris Poll. The survey included more than 2,000 U.S. adults.
The results further show that 45% of Americans believe banks offer more products and services than credit unions – a common misconception that overlooks the wide range of benefits associated with credit union membership, the credit union said.
"It's common for consumers to be more familiar with the services and offerings of traditional banks, but it unfortunately discounts other financial organizations that can often more adequately serve them," said John T. Fenton, president and CEO of Affinity Federal Credit Union, misconceptions have long surrounded credit unions. "This astounding data proves that more education about banking options is needed. Credit union benefits are vast and varied, providing unique services like personalized counsel and education to members to help them achieve their financial goals, such as purchasing their first home."
Affinity FCU reported that additional misconceptions include:
- Only 42% of Americans believe credit unions offer mortgages
- Only 45% of Americans believe credit unions offer mobile/online banking
- Roughly three in 10 Americans (29%) say it is difficult to find a credit union they are eligible for