Business, consumer and economic tidbits from DNT reporter Candace Renalls. Click here to view previous posts or additional resources.
Credit unions gain, banks lose favor
So what do you think about your bank? How about your credit union?
If you’re anything like the 400 Minnesota residents surveyed in March, you have a higher opinion of credit unions than banks, as a result of the financial industry's recessionary troubles.
The survey showed that 20 percent of bank customers now see credit unions as more attractive. And while 40 percent of consumers trust banks less, their trust in credit unions hasn't wavered.
The results suggest credit unions have been insulated from the negative opinions surrounding the financial industry during the Recession.
The Minnesota Credit Union Network hired Minneapolis-based Padilla Speer Beardsley and Information Specialists Group, a national polling firm to conduct the independent survey. According to Mark Cummins, MCUN president and CEO, the study was done to get an objective view of how Minnesotans view credit unions and banks. The MCUN represents the state's 154 not-for-profit cooperative credit unions.
The survey also found that for 82 percent of those surveyed, trust in credit unions hasn’t changed while 18 percent trust them more. And credit union members are twice as likely to recommend their credit unions to others than bank customers are to recommend their banks.