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Survey: Americans Increasingly Unhappy with Credit Unions’ Customer Service, Mobile Products, and Interest Rates

News & Insights

Turns out credit unions might not be so great when it comes to customer satisfaction, a claim they use to justify their absurd tax status and ever-expanding, disingenuous expansion into markets with no logical “common bond” among members.

The annual American Customer Satisfaction Index (ACSI) has found in its 2019 interviews of more than 300,000 consumers nationwide that credit unions are struggling. As ACSI wrote in its report: “Across the customer experience, credit unions no longer garner the sky-high ratings they once did.”

ACSI measures its responses on a scale of 0 to 100, and its study found customer satisfaction fell 2.5% to a 79.

Credit unions fell in every category:

  • Staff courtesy – Down 2% to 87.
  • In-branch transaction speed – Down 3% to 85.
  • Website satisfaction – Down 2% to 84.
  • Quality of mobile apps – Down 2% to 83.

Credit unions also fell behind variety of services offered, call center quality, ATM and branch locations, easily understood account information, and on how difficult members find it to change accounts.

And for an industry that touts its “Great Rates for Everyone” advantage in multi-million dollar ad campaigns, consumers disagree: ACSI found credit unions dropped 4% to 74, now trailing America’s banks when it comes to interest rates.

That all makes one wonder … Maybe Americans really are opening their eyes to the truth about America’s credit unions.  

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