Credit unions combined data on new members with new checking accounts in response to CUNA's survey which is why the trade association's initial estimate of new members was higher than it turned out to be.
CUNA Chief Economist Bill Hampel said, "When we asked about new members, credit unions included people who had been members but had opened share draft accounts. And having a share draft account deepens the member's relationship with the credit union.''
In September, the last month for which CUNA has estimates, of the 93.5 million credit union members, 47.9 million did not have share draft accounts and 45.6 million did.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
