NEW YORK—A new study from J.D. Power shows credit unions hold a lead over banks in customer satisfaction, but it also suggests that advantage may be starting to erode as member satisfaction slips and more consumers quietly open relationships with competing financial institutions.
And a key area that's taking a hit is CU checking.
According to the J.D. Power 2026 U.S. Credit Union Satisfaction Study, credit unions posted an overall satisfaction score of 725 on a 1,000-point scale, down four points from a year earlier. While that still leaves credit unions 68 points ahead of retail banks, which scored 657, J.D. Power said the decline comes alongside rising signs of “soft switching,” as more members add second and third accounts elsewhere and gradually shift balances away unless credit unions keep delivering strong value across both digital and in-person experiences.
“Relative to other financial services providers, credit unions continue to deliver strong levels of overall member satisfaction, but the combination of rising levels of account attrition and a declining trend in member satisfaction should be taken seriously by credit union leaders,” said Dann Allen, senior director, customer solutions at JD Power. “JD Power has identified a ‘soft switching’ phenomenon taking root throughout the banking sector, as more consumers open second and third accounts with other financial institutions and gradually shift more funds into those accounts. Credit unions need to deliver great everyday member experiences and consistently add value across digital and face-to-face interactions to secure their role in their members’ financial lives.”
Following are some key findings of the 2026 study:
- Member satisfaction declines: Overall credit union member satisfaction is 725, down 4 points year over year. Loyalty metrics are also trending down, with the percentage of members who say they “definitely will” reuse their credit union falling to 71%, down 2 percentage points from last year
- Credit unions lose checking and savings accounts: More than half of members now have checking (59%) and savings (56%) accounts with other financial institutions. The occurrence of accounts being established at other financial institutions has risen in the past 2 years, up by 2% for both checking and savings accounts
- Incurred fees are up, fee understanding is down: More than one-third (36%) of credit union members have experienced a fee, such as an overdraft, ATM or account maintenance fee, in the past 3 months, up 3% from last year. Meanwhile, the percentage of members who say they completely understand how their credit union’s fee structure works falls to 39% from 44% last year
- Member communication is misaligned: The topics credit unions communicate to their members most frequently—new products and features, current products and features and special offers—deliver low levels of member satisfaction, while topics correlated with higher levels of member satisfaction, such as ways to save money or financial advice, are not communicated as frequently.
Study Rankings
SchoolsFirst Federal Credit Union ranks highest in credit union member satisfaction for a second consecutive year, with a score of 792. RBFCU (751) ranks second and Navy Federal Credit Union (747) ranks third.
The U.S. Credit Union Satisfaction Study, now in its third year, measures member satisfaction with the 29 largest credit unions in the continental United States. It measures satisfaction across seven dimensions (in order of importance): trust; people; allowing members to bank how and when they want; account offerings; saving time and money; digital channels; and resolving problems or complaints.
The 2026 study is based on responses from 10,386 credit union members. It was fielded from January 2025 through January 2026. The largest U.S. credit unions are defined as those with at least $7.5 billion in domestic deposits.
ASCI Index
The J.D. Power findings broadly echo the direction of the recent ACSI Finance Study 2026, which also showed credit unions losing some ground on satisfaction even as banks improved their competitive position—but the two reports frame the market differently. J.D. Power still shows credit unions well ahead of banks overall, with a 68-point advantage despite a slight decline and growing “soft switching,” while ACSI found banks outperforming credit unions for the seventh straight year, 80 to 78, citing stronger gains in digital experience and operational execution. Taken together, the studies point to the same underlying pressure: credit unions remain strong on member experience, but banks appear to be gaining momentum—especially in digital channels and everyday transaction relationships such as checking.