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Credit unions show online might in Bank Technology News Internet banking survey

NEW YORK - Wow. Credit unions are a force to be reckoned with online according to a recently-released Bank Technology News online banking report. Bank Technology News ranked the top 123 financial institutions in terms of number of online users -sixty of which were credit unions. The top 25 institutions...

By Staff Writer | Updated on August 28, 2001

NEW YORK – Wow. Credit unions are a force to be reckoned with online according to a recently-released Bank Technology News online banking report. Bank Technology News ranked the top 123 financial institutions in terms of number of online users -sixty of which were credit unions. The top 25 institutions on the list are predominantly large U.S. or global banking companies, but after the top 25, credit unions dominate the list. The $3.3 billion Boeing Employees CU, Tukwila, Washington, came in at No. 26 with 112,000 members. Its site was launched in 1998, and includes bill pay and online banking, and this year it added account aggregation (see story page 1). Just behind Boeing at No. 28 was the $2.1 billion Security Service FCU, San Antonio, with 100,000 online banking users. It wasn’t just large CUs that made the list. For example, the $134 million National Semiconductor FCU, Santa Clara, Calif., made the list at No. 112 with 3,564 online banking users. Other mid-size CUs to make the list include the $201 million Phillips FCU, Ft. Wayne, Indiana at No. 105 with 5,300 online banking users; and the $220 million Pinellas County Teachers FCU, Largo, Fla., at No. 83 with 10,000 users. Of course, Navy FCU topped all CUs at No. 12, with 608,000 online users. The top five Internet banking financials in order were Bank of America, Wells Fargo, First Union, Scotiabank/Bank of Nova Scotia, and U.S. Bancorp.

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