Credit Unions are Bet­ter

The Star (St. Lucia) - - LOCAL - By

V Chris Wil­liams

What’s bet­ter than a credit union? Well ac­cord­ing to the re­sults of the 2015 Temkin Cus­tomer Ser­vice Rat­ings and Trust sur­veys, prac­ti­cally noth­ing. Temkin Group is a lead­ing cus­tomer ex­pe­ri­ence (CX) re­search, con­sult­ing, and train­ing firm.

In terms of trust, US con­sumers rated credit unions higher than any other busi­ness or or­ga­ni­za­tion. Credit unions scored an 80% on Temkin’s trust rat­ing scale, while TD Bank, the high­est-rated bank (No. 36), scored a 66%. Fi­nan­cial in­sti­tu­tions rated third as an in­dus­try over­all for cus­tomer ser­vice, post­ing a score be­low 60%. With a 74%, credit unions helped push higher that fi­nal to­tal, while the top-rated bank, Sun Trust Bank, scored a 67%.

The sur­vey asked roughly 10,000 con­sumers to iden­tify and rate com­pa­nies they had in­ter­acted with dur­ing the pre­vi­ous 60 days. One credit union mem­ber said it best: “Well you don’t see credit unions in the news ask­ing congress for tax payer bail outs and in con­gres­sional hear­ings ex­plain­ing them­selves.”

While big banks are more at­trac­tive with their vast range of credit prod­ucts, for the most part, credit unions are hard to beat; they are by far the best op­tion for bank­ing to­day. At the very least, it’s worth open­ing a sav­ings ac­count with a credit union, based on their div­i­dends on sav­ings and their fee struc­ture alone. You’ll get more per­son­al­ized ser­vices out of the deal as well. If they don’t of­fer the credit prod­ucts that you like, trust me, banks will still be more than de­lighted to take you on as a cus­tomer.

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