December 12, 2007 A recent study commissioned by the Maine Credit Union League revealed that when it comes to service and great rates on loans, money market accounts and certificates, Maine consumers agree that the best place to go is a credit union. The survey found that 61% of credit union members said credit unions were better at providing friendly customer service than banks, while only 28% of bank customers said that banks offered better customer service. The financial value of credit unions was also evident, as 50% of both bank customers and credit union members said that credit union offered better interest rates paid, while 51% said that credit unions offered the best rates on loans. Market Decisions, a well-respected research firm that does research across the country and is based in Portland, ME, conducted the Perceptions Survey of Maine Financial Institutions consisted of telephone interviews of 600 Mainers statewide and was held earlier this fall.
Credit union members are also much more loyal to their financial institution than bank customers, and are more likely to give personal recommendations to their credit union, with 63% of credit union members stating that they are extremely likely to recommend their financial institution to a friend. When compared to the 43% of customers of other financial institutions who stated that they would make this recommendation, this highlights the superior customer service offered by Maine credit unions.
John Murphy, President of the Maine Credit Union League, said these results reflect the credit union difference that Maine credit unions strive to achieve. "This demonstrates how our 600,000 members value our commitment to outstanding service as much as we do. The ability of credit unions to not only offer exceptional daily support, but also to aid members during a financial crisis is what makes credit union members so loyal," he added.
The survey not only provided insight as to why Maine's credit unions are valued, the survey served to shed light on areas where credit unions are sometimes overlooked. ?One misconception found was a belief that banks have a greater number of ATMs and branch locations than credit unions. ?This provides an opportunity for Maine credit unions to enhance awareness of Shared Branching, a network that allows credit union members to conduct transactions just as if they were at their home branch at over 70 credit union branches throughout the state.?
Additionally, Maine's credit union members are never far from an ATM because with the CU24 SurF ATM Alliance, members of participating credit unions can save an average of $300 a year on surcharge fees at nearly 200 surcharge-free ATM locations across Maine.
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