The credit union industry is trumpeting that credit union membership probably reached the 100 million milestone in June.
However, this 100 million member number should not be confused for 100 million people belonging to credit unions.
For example, if a person joins credit union A and credit union B, this person would be counted twice as a member.
In fact, a 2002 study by CUNA found that credit union members on average belonged to 1.2 credit unions and nearly 20 percent of credit union members belong to more than one credit union. [Don't criticize me for using a 2002 study. If you have more up-to-date numbers, please provide].
So, the evidence indicates that far fewer Americans belong to credit unions than the membership numbers indicate.
I've been saying this for years, but the trade associations don't want to hear it. I belong to two credit unions. CUNA and NAFCU have no way of knowing that. Many of our members belong to multiple credit unions. Also, many credit unions do not have an accurate count of members because some of them open multiple accounts within the credit union, and the core processors don't consider those arrangements. My estimate is that there are closer to 30 million discrete individuals who are credit union members.
ReplyDeleteThats the same guess i have...30 million.
DeleteAnd our guess is as good as cuna's FIB.
No one believed cuna anymore, especially credit unions.
NO ONE believes the 100 million so you can relax on this one Keith.
Grasping.
ReplyDeleteAt.
Straws.