Credit Unions Top Consumer Survey

by Center for Personal Finance editors

The Credit Union National Association's (CUNA) News Now reports that, amidst the worst financial crisis in years, credit unions come out on top in terms of member/customer advocacy and trust in a survey released this spring by Forrester Research Inc, Cambridge, Mass. The survey shows that credit unions beat U.S. banks, investment firms, and insurers.

In "Customer Advocacy 2009: How Customers Rate U.S. Banks, Investment Firms, and Insurers," credit unions achieved top ratings from 68% of consumers surveyed. The credit union rating was 16 percentage points higher than regional or local banks, ranked at 52%, and 27 percentage points above the highest bank rating, that of Washington Mutual (now Chase Bank) at 41%.

The survey ranks financial services companies based on member/customers' perception that their providers are looking out for their best interests and not just the institution's bottom line. For the first time—and reflecting investors' dissatisfaction with investment portfolios—brokerage firms plummeted to the bottom of the list. Large national banks have traditionally held the bottom ratings.

A common trait among the top scorers: Many are customer-owned organizations, like credit unions or mutual insurance companies.

Published September 4, 2009

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