Credit union member savings hit $1 trillion for the first time ever during the second quarter of 2015, according to Callahan & Associates.
The Washington-based firm compared year-over-year data from the second quarter of 2014 to the second quarter of 2015. Over the year, regular shares grew by 9.1% and share drafts grew by 8.4%, the firm said.
Callahan & Associates Managing Partner Jon Jeffreys suggested the data might provide important information that credit unions have historically tended to overlook.
“In a macro environment where some of the other market participants are starting to charge for checking, I think we're seeing some momentum in something our industry takes for granted, which is free checking,” Jeffreys said.
The firm also reported credit unions had originated $200 billion in loans for the first six months of 2015, which represents another record for the industry. Three loan categories in particular showed strong growth: New auto loans grew by 19.6%, used auto loans grew by 13.2% and member business loans grew by 12.6%.
This uptick in both savings and loans grew the average member relationship value to reach $17,131, an increase in 4% from the same time last year, Callahan said.
“This indicates that members are increasingly turning toward credit unions for all of their financial needs,” the firm added.
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