Newsroom

November 25, 2015

Consumer Reports: 93% of CU members 'highly satisfied'

Members of credit unions, smaller traditional banks and primarily online institutions are more satisfied with their overall banking experience – 93 percent of customers being highly satisfied on average – than those who do business with one of the nation's largest banks, according to Consumer Reports.

The survey report, "Choose the Best Bank for You," rated more than 100 financial institutions and features a guide on how to switch institutions and how to keep accounts secure. More than 49,000 Consumer Reports subscribers were surveyed for this report and answered questions about their overall banking experience, including customer service, communication, complaints and fees. The full report will be published in the January 2016 issue of Consumer Reports.

The 93 percent rating of highly satisfied customers is among the highest-rated services Consumer Reports has ever evaluated, noted PR Web in covering the survey. The high rating by credit union members is largely driven by good customer service, the report noted. Navy Federal Credit Union, USAA Bank, Schwab Bank, and EverBank were among the highest-scoring in the survey.

In discussing how to maximize savings at a financial institution, Consumer Reports suggested opening checking and savings accounts at a credit union that is a member of a network, giving members access to fee-free ATMs and online and mobile-account access. It also recommended comparing interest rates for certificates of deposit at virtual banks and credit unions, noting that both types of institutions tend to offer the highest interest rates.