Thursday, January 10, 2019

Checking Accounts Grow at Faster Pace at CUs Than Other Financial Institutions

Credit unions are gaining checking account market share, according to Moebs Services Checking Account Barometer Study.

The study found that checking accounts at credit unions increased by 4.3 percent for the year ending September 2018. Over the same time period, checking accounts at banks and thrifts grew by 1.7 percent and 1.5 percent, respectively.

At the end of September 2018, credit unions had 16 percent market share of the 359 million checking accounts. Banks had a 75 percent market share, while thrift had 9 percent of the market.

According to Moebs Services, credit unions are leading the way with bringing new consumer checking accounts on board.

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