CU membership jumps to 3rd of Seattle-area residents, says Times report
April 21, 2015
SEATTLE (4/22/15)--One of the initial reactions to the 2008 financial crisis was consumer outrage over some big banks' high fees and evem fraudulent mortgage practices.
Consumers in Seattle appear to have taken that frustration to heart.
Since 2008, Seattle had the largest gain in the percentage of people who use credit unions as their primary bank among the 50 largest metro areas, The Seattle Times reported April 20).
A record 31.5% of people in the Seattle metropolitan area now use a credit union as their primary financial instituion--up from 23.2% in 2008, according to data from Nielsen Scarborough.
"The culture and attitude of consumers here is unique," Troy Stang, president/CEO of the Northwestern Credit Union Association, told The Seattle Times. "They want to know who they're doing business with."
Stang said the credit union cooperative model resonates with Seattle consumers.
Back in 2008, Bank of America and credit unions were nearly tied for market share in the Seattle metro area. Now, more than twice the number of consumers use a credit union as their primary financial institution compared with the country's second-largest bank.
Credit unions in Washington are indeed growing, Linda Jekel, director of credit unions for the Washington Department of Financial Institutions (DFI), told The Seattle Times. Last year, asset growth was 7.6% at Washington credit unions, according to DFI.