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Credit unions do a better job of providing information on their websites than other FIs, but many credit union websites are still lacking important information, according to a recent study by Moebs Services, an economic research firm in Lake Bluff, Ill.
In a major expansion of its annual survey of financial institutions, Moebs Services reviewed website information for 1,676 financial institutions with assets of at least $500 million, the company said.
Researchers reviewed the websites, searching for answers to 15 consumer transaction questions about services, products and fees, the company said, and then Moebs surveyists phoned the call centers of the same FIs to ask the same questions.
According to the results of the study, 40% of credit unions offered the information sought on their websites, while only 28% of banks provided the same level of information on theirs. The study also noted that information on websites was not always consistent with responses from call center staff.
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NCUA and Fed data also show credit unions’ share of auto loans in September has fallen from a year earlier.
The list includes six credit unions merging due to poor financial condition and two for poor management.
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