Credit unions added 725,531 new members and $39 billion in new deposits during the 12 months ending March 2011.
SAN ANSELMO, Calif. (June 13, 2011) – A new analysis from Market Rates Insight (MRI, http://www.marketratesinsight.com/ ) reveals that credit unions have increased their membership base as well as their deposits volume during the 12 months ending March 2011.
Total deposits (savings) at credit unions increased from $773 billion to $812 billion in the 12 months ending in March 2011 - an increase of $39 billion. The average deposits per member increased from $8,568 to $8,923 over the same time period - an increase of $355 per member. The greatest increases in deposits occurred in regular shares accounts (savings), which increased by $23 billion, followed by Money Market account up $15 billion and share drafts (checking) up $10 billion. The greatest decreased occurred in share certificates (CDs), which decreased by $12 during the 12 months ending March 2011.
“The credit union segment of the banking industry is very dynamic,” said Dan Geller, Ph.D. Executive Vice President at Market Rates Insight, “the increases in membership and in balance volume are an indication of broad appeal to and acceptance by the marketplace.”