Customer Satisfaction at CUs Drop

According to the American Customer Satisfaction Index, credit unions suffered a sharp drop in customer satisfaction. The satisfaction index fell by almost 5 percent to 80.

Difficulties associated with managing rapid growth along with financial losses were cited as contributing factors to the decline in customer satisfaction. The December 14 press release states:

"Since credit unions can’t raise capital by selling stock, the only recourse to recover losses is through cost-cutting, which usually leads to less customer service, or raising fees, which leads to higher customer cost."

Credit unions and community banks have the same satisfaction index.

To read the press release, click here.