By Robert McGarvey
For Credit Union 2.0
Did your credit union make the 50 most convenient list? Stop wondering, click to see the MagnifyMoney ranking.
What this ranking is about is how easy it is for a member to access the services he/she wants, when he wants them, and so it looks at both the analog and digital worlds, branches and mobile apps, among other touchpoints.
Understand a couple things about the ranking: it ranks only the 50 biggest credit unions and, according to the data, the top rated credit union notched 90 points out of a possible 100. The lowest rated pulled down only 46.6 points.
That represents a huge spread. The #1 credit union in this convenience scorecard – Alliant – literally grabbed twice as many points as the lowest scorer, Mountain America.
There may well be many more credit unions, outside the biggest 50, that also outscore Mountain America.
So what exactly is getting scored? MagnifyMoney looked at 5 fields: opening hours (more means more points); how many ATMs; telephone service hours; mobile app (how satisfied are users); and data portability (do accounts sync with Quicken, etc.)?
A complaint about that group of five is that different members want very different touchpoints. I couldn’t care less about branch hours because I live around 2500 miles from the nearest branch at my chief credit union. I care only about digital access. But I have relatives who care only about branches and phone services. So it makes sense that MagnifyMoney sifts different channels.
It also breaks out top 10 scores in each category. Here, for instance, are the top five scorers for mobile app: Eastman Credit Union; ESL Federal Credit Union; Redstone Federal Credit Union; SEFCU; Wright-Patt Credit Union.
Here are the credit unions with the best surcharge-free ATM coverage: Alliant Federal Credit Union; Hudson Valley Federal Credit Union; Northwest Federal Credit Union; OnPoint Community Credit Union; Suncoast Federal Credit Union; Wings Financial Credit Union and Wright-Patt Credit Union.
As for longest hours, the winner is Hudson Valley Federal Credit Union, with 59.9 hours per week.
You want 24/7 access? MagnifyMoney found a handful of top 50 credit unions that in fact offer exactly that via phone: Alaska USA Federal Credit Union
- Alliant Credit Union
- Delta Community Credit Union
- First Technology Federal Credit Union
- Navy Federal Credit Union
- Redwood Credit Union
- Security Service Federal Credit Union
How did credit unions do as a whole? MagnifyMoney co-founder Brian Karimzad said that generally credit unions are not competitive with big banks on branch opening hours and telephone service hours. But, in the other categories, credit unions do very well. Shared ATM networks – via CO-OP and CuLiance, for instance – give participants ATM networks numbering in the many thousands and those are numbers that stand tall against the ATM fleets of the biggest banks (more than 15,000 each at Chase and Bank of America; CuLiance claims more than 75,000 surcharge-free ATMs in its network).
As for how credit unions fare on convenience against other credit unions Karimzad stressed that there are “wide disparities.” But the key is providing what matters to this member. A generic score is good to know but where the pedal hits this metal is in measuring how convenient the credit union is to this member.
Karimzad, incidentally, said in an interview that MagnifyMoney readers express a lot of interest in credit unions, usually because credit unions typically offer some of the best deals on loans, credit cards, and similar. The movement already has significant recognition for its highly competitive rates.
And maybe now more consumers will understand that credit unions also can be very competitive on convenience, too. The reputation endures that credit unions keep short, banker’s hours, are laggards in technology, and are nearly impossible to join. The reality of course is very different.
And that’s why, despite the quibbles, it’s a good thing that rankings such as MagnifyMoney’s convenience scorecard get out the message that in many ways credit unions equal – maybe even beat – banks when it comes to how easy they are to use.
The more consumers that get that, the better for all credit unions.
Now, where did your credit union rank?