Credit Unions are Better
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.