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C redit union members are more satisfied with their credit unions' service than customers are with the service they receive from banks and savings and loans, according to the American Banker's annual consumer satisfaction survey. For 13 straight years, the survey has reported credit union service is No. 1.
And lest you think consumers aren't paying attention, consider the following results of a recent survey of customers exiting their primary banks in New York, Los Angeles, and San Francisco. Of the bank customers surveyed:
  • 58% say it won't take much to move their money if they're treated better elsewhere.
  • 56% have little or no relationship with the staff in their primary bank.
  • 31% don't think their bank values their business or wants to keep them as customers.
  • 62% say they don't go to their bank as a source for financial information or help.
  • 82% say that either their bank isn't a good place to purchase investments or that they didn't know if it was.
  • 53% say they're not likely to get their next financial purchase--stocks, certificates of deposit, mortgages, individual retirement accounts, or mutual funds--at their primary bank.
  • 37% say their bank fails to make its product and service offerings understandable.

Contact the credit union for more information about membership eligibility in the nonprofit, cooperative, democratically controlled financial services alternative.

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