A great first quarter for American Credit Unions!
June 08, 2012 | 0 Comments |
Ladies,
Great news! The success of Bank Transfer Day, which launched an important increase of credit unions’ new members throughout the country last year, seems to still have positive effects. In a recent CNN Money article, the National Credit Union Administration points out that American “Credit unions added 667,000 new members in the first quarter to a record 92.5 million”. This record membership is largely attributed to a growing mistrust in big banks, which tend to charge more fees than community banks and credit unions.
The first quarter was also synonym of growth for credit unions’ assets and net worth as “Total assets (…) grew by $40 billion, or 4%, to top $1 trillion for the first time”. About members’ savings, results for this quarter are more nuanced. While total savings among members increased considerably ($39 billion, or 5%, to $866 billion), 70,938 members filed for bankruptcy, which is 35 % more than the previous quarter.
To read the full article please click here: http://money.cnn.com/2012/06/01/pf/credit-unions-membership/index.htm?iid=HP_LN