You're watching...
Credit Union National Association CEO Bill Cheney on the advantages of credit unions over banks.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Remember remember that November low this year it's national -- your bank day.
Customers sick of -- have rally together to -- big banks in moved to credit unions Mara.
Joining us now that's -- president and CEO of the Credit Union National Association bill thanks for being with us today.
Yeah big today you tomorrow you expecting a lot of people to make this switch.
Well you know we've already seen Tracy thanks for having that we've already seen a lot of people make the switch really astonishing numbers.
We've essentially seen in the last month a year's worth the growth -- -- and so there's been a tremendous interest.
Temares going to be a big -- -- you know it's not just about tomorrow guardians are better deal and we think people ought to look for spreading an option.
650000.
New customers and last month brought four point five billion dollars in new deposits to the industry right.
What makes it's so great though and it because you know you only have about 7% of -- assets at this point.
Right what we have 93 million members but we do have a relatively low percentage of assets.
More more people are hearing about -- is more more people are understanding that guardians are better deal.
And -- that's exciting I -- look we need a strong banking system for profit banking system in this country there's no question about it.
Accordions are -- better deal for consumers there a better deal for working families they provide a broad range of services that lots of convenience options.
And for a long time there are a lot of myths about credit unions you know they're small and unsophisticated or I can't join a credit union there's a credit union for everyone out there.
And you know we've got some tools that try to help people -- right want.
I think that's part of the problem right so credit union is a cooperative bank in that they're not out to make a profit any -- they make in theory is passed on.
To be did people hold money there.
-- -- banks have shareholders they have to manage the bear interest credit unions have members that on the institution.
If you wanna do business with a place that has your interest at heart that security -- But I think part of the disadvantage in the past was.
They were only at work so if my offices close they couldn't get my money.
They didn't have very sophisticated web -- -- couldn't bank on line I couldn't do all the fancy things that I could -- but at the big banks.
Well that's it.
That some things that people don't understand 90% of credit union members 90% of our 93 million members have Internet access they have.
Online banking services they have online bill pay Koreans are sophisticated that they're one of the difference one of the other differences about credit unions and banks.
Is that -- pretty in his work together to provide these services so while.
One pretty in May not be able to do it on their own we have for example -- -- ATM network which is 28000 shared ATMs.
All across the country we have 3000 share branches.
We have very sophisticated on -- systems of people -- because the -- in his pool their resources to form these systems that work together.
-- -- -- -- -- used do you credit Occupy Wall Street for the new found attention to the credit unions.
Well you know bank transferred days is different then then occupy the Occupy Movement -- Christian who started the Southern California on our own.
We didn't have anything to do it that.
Has said that it it's not part of the occupied move and I think the difference that that is made is that it's highlighted this sort of idea that there's a difference between Wall Street and main street and there's nothing more -- -- a credit union credit unions.
Not only are in your community but they're of your community.
The -- proteins are formed or are people coming together.
And pooling their resources to help each other and that's about as main street as you can get there there community based financial institutions owned by the remember.
There's a bunch of web sites that people can check I know to go.
Fine -- -- a credit union networks for them the national credit yeah administration has one -- and there are others I'm sure.
Tracy we have a one called a Smart choice dot org a smarter choice start are we think Freddie is are smarter choice.
Been the neat thing about are smarter choices it doesn't just give you a list of credit unions in your area.
But UN are a little bit of information and it'll actually give you a list of pretty -- that your eligible to join and that's a key.
Feature of that website so we encourage people to take a look and see what -- -- are eligible to join and that'll give you links to their website so you can learn more.
The let's say it is a smarter choice -- -- -- but -- -- front of it right now I -- surveys of -- credit union members are -- maybe it's because the -- to people.
Here in the country's opposes somebody -- service station -- overseas.
Bill well they're gonna -- there yeah thank you Tracy so much thanks for being with us bill -- president CEO the Credit Union National Association.
I will stated that is pleased Doolittle hallmark don't rush out to do -- tomorrow discuss -- -- designated day.
Take your time before you switch me -- you make the right.
