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July 21 2017

New Study Exposes Major Banking Misconceptions Among Consumers

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Knowledge gap could lead to consumers making uninformed financial decisions

Although 61% of consumers believe credit unions care more about their members than banks do, a new study finds that only 16% of Americans currently use a federal credit union as their primary financial institution, signaling major missed opportunities for account holders and borrowers. Conducted recently online by Harris Poll and commissioned by Affinity Federal Credit Union, the survey comprises more than 2,000 U.S. adults. The results further show that 45% of Americans believe banks offer more products and services than credit unions – a common misconception that overlooks the wide range of benefits associated with credit union membership.

According to John T. Fenton, President & CEO of Affinity Federal Credit Union, misconceptions have long surrounded credit unions: “It’s common for consumers to be more familiar with the services and offerings of traditional banks, but it unfortunately discounts other financial organizations that can often more adequately serve them,” said Fenton. “This astounding data proves that more education about banking options is needed. Credit union benefits are vast and varied, providing unique services like personalized counsel and education to members to help them achieve their financial goals, such as purchasing their first home.”

Additional misconceptions include:

  • Only 42% of Americans believe credit unions offer mortgages
  • Only 45% of Americans believe credit unions offer mobile/online banking
  • Roughly 3 in 10 Americans (29%) say it is difficult to find a credit union they are eligible for

Many credit unions across the country, including Affinity, offer both a robust mobile banking platform and a plethora of mortgage options – often providing better rates than traditional banks due to credit unions’ not-for-profit structure. Additionally, more and more credit unions are making membership eligibility easier to achieve than ever before.

  1. EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’

    The Fintech Magazine

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  2. FreedomPay Drives Global Merchant Innovation

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  3. FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences

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  4. Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure

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  5. Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds

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