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Bill Cheney, The Credit Union National Association president & CEO, on bank transfer day and the millions of people that have transferred to credi...
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Credit union.
But how successful was that -- -- bill Cheney CEO of the Credit Union National Association.
Bill welcome back to the show we've had you on many times here -- just how successful was your effort how many people signed -- with credit unions.
Well -- it's great -- -- -- with you again thank you so much I believe it or not 2.2 million people over twelve month period.
The latest numbers we have -- June of 2012 so if it includes a time before and after bank transfer day but 2.2 million net new members.
And to put that -- -- all.
Absolutely -- and selective yeah the average over the last ten years has been about one million a year.
So 2.2 millions more than -- laughed and -- the year prior today out the year ending June of 2011550000.
So it's four times the growth we saw -- -- before so something happened with bank transfer day and it continues.
I went to I want to show our viewers.
The difference.
In fees and interest that are made between banks and credit union we've got some numbers here take a look at this -- It's really extensive EC noninterest check -- that did this.
Minimum balances on -- nine right Powell is that -- credit unions can give consumers in many cases a better deal.
And then some of the biggest banks in the world.
To a -- -- kind of -- not intuitive that that would be the case.
Well we're fundamentally different and -- A number of different respects but primarily.
A credit union is owned by its members and banks are owned by shareholders and so.
Banks have to make a profit to return to their shareholders guardians can focus on their members they really have your best interest at heart.
And we can return our profits to our members in the form of higher rates sons savings lower rates on loans and lower fees and that's what happens.
We estimate that.
Last year yeah let me -- let me it we don't have a ton of time and I do want to get to some of the issues that I know our viewers -- when they look at credit unions.
They're worried that they're not going to be able to find a place to go to bank.
And frankly their right that there are not enough ATMs.
In your area are where they lift.
And secondly -- -- also concerned about the level of technology and support to I -- the same pattern robust online website that I would at a big bank Garnett.
Right yeah I understand and that's one of the myths about credit unions they're actually most Freddie is are part.
Of a national ATM network as there is one of several but the largest is the co -- At ATM network 30000.
Surcharge free ATMs all across the country.
So if you're -- -- as part of that network you have surcharge free access that's more ATM's.
The Bank of America has -- more ATMs and chase has so and in addition to that we have 4000 shared branching locations across the country so.
Your credit union may not have 30000 ATMs but you have access to them surcharge free.
If you're a member of Ukrainian and -- unions have Internet banking available they have.
Online bill payment available and guess what it -- ends its -- Really -- are not only -- not only free if you have huge imbalances but it's free for everyone.
Bill thanks for coming on tonight.
Q thank you Dana that I want to know how it continues to -- -- -- very interested in this topic thank you so much -- well thank you -- And we'll be right back.
