TALLAHASSEE, Fla. — Approximately 89.2 percent of credit union leaders polled in a recent survey cited easy access to large surcharge-free ATM networks as being important for credit union members. According to the survey, conducted by Credit Union 24, 71.3 percent of those polled also agreed that a credit union-owned POS network is important for the credit union movement; and 67.4 percent say losing control of their ATM or POS networks would impact pricing.
According to a news release issued by Credit Union 24, credit unions have access to the largest fee-free ATM and POS networks in the nation, with more than 50,000 surcharge-free ATMs and hundreds of thousands of POS terminals.
"From these results, credit unions can see the overall picture of where their products and services rank among other credit unions," said Jim Park, Credit Union 24's president and chief executive. "It also allows networks to more accurately gauge where and how we need to focus our efforts to give credit unions the tools they need."
Approximately 61 percent of polled credit union leaders said attracting consumers to become new members in the credit union movement is the No. 1 challenge facing credit unions today, while 59 percent said the No. 1 challenge is the current economic climate. More than two-thirds also said consumer misunderstanding of credit union benefits directly affects credit union growth.
"The survey illustrated that credit unions are currently utilizing multiple products and services that ensure the longevity of their credit union, the overall credit union movement and the individual credit union member in this challenging economic climate," said Mansel Guerry, president and CEO of Mississippi EFCU. "Credit Union 24 also utilized the survey to discover what challenges credit unions are experiencing, and to identify how credit unions are addressing those challenges."
A statistically large majority of credit union leaders are currently promoting free checking, online banking, surcharge-free ATM access and lower fees on mortgages and loans to attract new members. Those polled said that promoting those elements will help achieve the growth that credit unions need.
Credit union leaders also said that credit union-owned CUSOs do a "better job" of serving credit unions. An overwhelming 70 percent look for exceptional customer service, while 40 percent look for flexible programs. Flexible programs allow CUSOs to customize their financial-product and service offerings to individual credit unions.
