ST. PAUL, Minn. (3/11/15)--Minnesotans hold credit unions near and dear to their hearts and do so with a passion that's greater than customers of banks, according to a study from the Minnesota Credit Union Network (MnCUN).
Thirty-five percent of credit union members "love" their financial institution compared with 13% who "love" their bank, reported Fluence Media and American Strategies. In virtually every comparison, credit unions enjoy an intensity advantage.
"We expect that the significance of credit unions as a major player in family finances, as well as business growth, will continue for the foreseeable future," said MnCUN President/CEO Mark Cummins. "The data we are releasing today confirms what members tell us in their local credit unions every day."
Phrases like "honest and trustworthy" better described credit unions (46%) compared with banks (23%), the study reported, and half said "has roots in the local community" applied to credit unions over banks (30%).
An overwhelming majority (73%) had a positive reaction to credit unions increasing their share of deposits, and respondents liked access to better rates and lower fees.
Also, nearly one-quarter of all Minnesotans identify credit unions as their primary financial institution.
"Credit union growth in Minnesota has been non-stop over the past several years," Cummins said, adding, "Consumers are more drawn to credit unions because they believe they are honest and locally invested financial institutions."