Credit Unions- Best in Checking Do Not Do It on Fees

Your key financial service is Checking. Who’s the Best at Checking in the Credit Union Movement? Moebs Services, an economic research firm, conducted a study of 6,284 Credit Unions from 2 nd Quarter 2015 call reports to find out who is the best at providing Checking.

Results are based on who has the most profitable checking portfolio, who has the highest checking penetration, and who does the best job of crossselling other services. Moebs Services designed the Best in Checking Study to reflect the transaction account of the future. “We wanted to identify those CUs who are currently operating at the year 2020” says Mike Moebs.

HOW THE STUDY WAS DONE
“In talking with Regulators, Legislators, Credit Union CEOs, Vendors in IT, and members themselves, it became clear that Financial Institutions needed to be good at 3 things in checking to be winners in 2020,” notes Moebs. The study shows the 3 major criteria to be: Checking was no longer the “milk’n eggs” of financial services or a loss leader – checking must be profitable. Selling was an important criterion. Credit Unions needed to have a large number of members with checking accounts, checking penetration. Third, it is important the credit union crosssell other services to develop relationships once the checking account was secured.

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