Our Blog

It's Time to Switch to WVCCU

Posted on August 16, 2016

It’s Time to Switch to WVCCU
Posted on August 16, 2016 by wvccublog


A new report from FICO finds that Millennials (adults aged 25-34) are more open to changing banks than members of older age groups. This should be good news for U.S. credit unions. According to FICO, Millennials say fees (low balance, ATM, etc.) are the top reason Millennials switch banks.

Banks keep raising these rates: Bankrate recently found that banks charge an average fee for using an out-of-network ATM of $4.52 per transaction. This fee is up by 21% in just the past five years. Credit unions, on the other hand, charge overdraft averaging $26.78. Out-of-network ATM fees average just $1.50.

This puts credit union policies firmly in line with Millennials’ wishes. Of course, the fact that CUs are also not-for-profit collectives only adds to the ═×values compatibility═čbetween CUs and young adults.

Given these findings, it’s likely that CUs will continue to enjoy membership growth with members of this generation.

What’s stopping you from switching? Find out more information at http://www.wvccu.org