Credit union membership by state

[greenforest32]

I just found some interesting info: credit union membership as a percentage of state population.

All the data is as of September 2010 and is from the Credit Union National Association. Specifically, I got the data from their state fact sheets: http://www.cuna.org/download/factsheet/California.pdf

Just replace the state name in the above URL for the state you want and make sure to capitalize the first letter of the state name.

Data in ranked list:

Virginia - 85.7%
Alaska - 85.4%
Hawaii - 66.9%
Utah - 63.5%
Vermont - 47.5%
Maine - 46.4%
Michigan - 44.6%
Washington - 40.6%
Montana - 39.9%
Wisconsin - 39.9%
Oregon - 39.3%
Wyoming - 38.8%
Massachusetts - 37.4%
Indiana - 35.0%
New Hampshire - 35.0%
Idaho - 34.6%
North Carolina - 34.1%
New Mexico - 32.8%
Maryland - 31.2%
North Dakota - 31.2%
Iowa - 31.1%
Rhode Island - 30.9%
South Dakota - 30.6%
Texas - 30.3%
South Carolina - 29.9%
Colorado - 28.9%
Minnesota - 28.9%
Tennessee - 28.8%
Pennsylvania - 28.2%
Oklahoma - 27.8%
California - 26.5%
Louisiana - 26.3%
Connecticut - 24.8%
Florida - 24.7%
Alabama - 24.4%
Delaware - 24.3%
Arizona - 23.6%
Nebraska - 23.6%
Ohio - 23.1%
New York - 22.8%
Missouri - 22.6%
Illinois - 21.7%
West Virginia - 21.5%
Kansas - 21.3%
Mississippi - 18.7%
Georgia - 18.4%
Kentucky - 16.8%
Nevada - 14.8%
New Jersey - 12.8%
Arkansas - 11.0%

National Average - 29.8%
Also, District of Columbia - 65.2%

Data in shaded map:

[Wonkish1]

Any idea how they treat people like me who have banking relationships with many banks and credit unions?

A lot of people bank with more than one financial institution. So is it where you have most of your assets or if you bank at all with any credit union.



By the way, it isn't surprising that Virginia has the highest rate. Most of the best credit unions are based in Virginia. I personally bank with numerous credit unions from Virginia.

[greenforest32]

Any idea how they treat people like me who have banking relationships with many banks and credit unions?

A lot of people bank with more than one financial institution. So is it where you have most of your assets or if you bank at all with any credit union.



By the way, it isn't surprising that Virginia has the highest rate. Most of the best credit unions are based in Virginia. I personally bank with numerous credit unions from Virginia.

I only posted data with credit union membership as a % of state population, they also have separate data on % market share of deposits rather than memberships. I'm not really sure how they handle people dealing with multiple institutions, probably their membership gets counted more than once?

[Stardust]

Honestly shocked that even a quarter of Delaware's population belongs to a credit union.

[Wonkish1]

Any idea how they treat people like me who have banking relationships with many banks and credit unions?

A lot of people bank with more than one financial institution. So is it where you have most of your assets or if you bank at all with any credit union.



By the way, it isn't surprising that Virginia has the highest rate. Most of the best credit unions are based in Virginia. I personally bank with numerous credit unions from Virginia.

I only posted data with credit union membership as a % of state population, they also have separate data on % market share of deposits rather than memberships. I'm not really sure how they handle people dealing with multiple institutions, probably their membership gets counted more than once?

People can be both credit union members and belong to a bank. So this could be counting people that mostly use the bank right? Just as long as they have a membership they get counted right?

I also hope they aren't counting based on the number of memberships at the institution and including that for the state of branch or headquarters location otherwise I've added a large number to the state of Virginia for example and I don't even live there.

[greenforest32]

Any idea how they treat people like me who have banking relationships with many banks and credit unions?

A lot of people bank with more than one financial institution. So is it where you have most of your assets or if you bank at all with any credit union.



By the way, it isn't surprising that Virginia has the highest rate. Most of the best credit unions are based in Virginia. I personally bank with numerous credit unions from Virginia.

I only posted data with credit union membership as a % of state population, they also have separate data on % market share of deposits rather than memberships. I'm not really sure how they handle people dealing with multiple institutions, probably their membership gets counted more than once?

People can be both credit union members and belong to a bank. So this could be counting people that mostly use the bank right? Just as long as they have a membership they get counted right?

Most likely.

[Wonkish1]

By the way, I highly recommend PenFed for folks on here. They are a tough underwriter, but they are basically unbeatable on credit products today. Small donation to a veterans charity and your in even when your not in the military.

[True Federalist]

I also hope they aren't counting based on the number of memberships at the institution and including that for the state of branch or headquarters location otherwise I've added a large number to the state of Virginia for example and I don't even live there.

They probably are as it helps explain the huge percentage of members in Virginia, since the various credit unions used by the armed forces are mainly chartered there.

[Wonkish1]

I also hope they aren't counting based on the number of memberships at the institution and including that for the state of branch or headquarters location otherwise I've added a large number to the state of Virginia for example and I don't even live there.

They probably are as it helps explain the huge percentage of members in Virginia, since the various credit unions used by the armed forces are mainly chartered there.

Yeah and its a who's who list of the biggest Credit Unions in the country by total assets.

[fezzyfestoon]

I didn't think very many people did, which I guess makes sense since I live in the state with the second lowest instance.

[Teddy (IDS Legislator)]

Canada's always had (comparatively) very high rates of credit union membership, partly due to Quebec, which is like the #1 user of credit unions or something.

I bank with a credit union

[Teddy (IDS Legislator)]

Turns out our membership (46%) is only a tad above yours (44%) I had no idea! I thought Credit Unions was a Canadian thing.

[RomneyGekko Situation Hairgel]

I also hope they aren't counting based on the number of memberships at the institution and including that for the state of branch or headquarters location otherwise I've added a large number to the state of Virginia for example and I don't even live there.

They probably are as it helps explain the huge percentage of members in Virginia, since the various credit unions used by the armed forces are mainly chartered there.

No shocker here.  Navy Federal and USAA are awesome for mortgages.  If you can get in, by all means do so.

[Verily]

Turns out our membership (46%) is only a tad above yours (44%) I had no idea! I thought Credit Unions was a Canadian thing.

At least according to the data in this thread, credit unions are used by only 30% of Americans, so you were right that they're much more common in Canada.

Anyway, no credit union here, but I'm from New Jersey, so no surprise. Curious if there is any real explanation for the regional variances.

[bgwah]

They're definitely counting interstate credit unions' entire membership in their HQ's states, IMO.

The military unions for VA, Alaska Federal in AK...

Yeah, confirmed:

Note: Many of Virginia's credit unions, especially our military credit unions, have operations beyond the Commonwealth, so the 6.95 million member figure is inflated. Best estimates place actual Virginia-resident credit union membership at about 3 million.

link: http://www.vacul.org/about_us/index.php

[Wonkish1]

I also hope they aren't counting based on the number of memberships at the institution and including that for the state of branch or headquarters location otherwise I've added a large number to the state of Virginia for example and I don't even live there.

They probably are as it helps explain the huge percentage of members in Virginia, since the various credit unions used by the armed forces are mainly chartered there.

No shocker here.  Navy Federal and USAA are awesome for mortgages.  If you can get in, by all means do so.

I created a post saying something positive about PenFed too and it got deleted. I bet yours will too. Navy Federal might be the single best, but good luck getting in unless your currently in the military, retired military(full service or disability), or directly related to a member.

[Former Moderate]

Anyway, no credit union here, but I'm from New Jersey, so no surprise. Curious if there is any real explanation for the regional variances.

Considering how the New Jersey government was bought long ago by Commerce Bank, it's not much of a surprise that they're at the bottom (top?) of the list.

[greenforest32]

Looks like total national membership hasn't changed much since 2010Q3:

"Credit Unions Add Members, Grow Assets, and Build Net Worth in Third Quarter"

Despite a slight decline in number, federally insured credit unions added more than 450,000 members during the third quarter, growing to 91.4 million individuals. In all, membership has increased by almost 1 million during the first 9 months of 2011. Credit union total assets also continued to expand, standing at $951.1 billion on Sept. 30, an increase of almost $8.7 billion for the quarter.

http://www.ncua.gov/News/Pages/NW20111201Q3CRD.aspx

91.4 million members in 2011Q3 compared to about 91.5 million members in 2010Q3. 2011Q4 will probably see quite a bump though and I'll be eager to see the 2011 state membership figures.

Pretty sure Oregon and Washington will see an increase in penetration rates as there have been lots of increases in memberships and the Oregon/Washington credit union associations and foundations merged recently:

1. http://www.cutimes.com/2010/11/10/northwest-cu-association-finalized-more-mergers-to-come
2. http://www.cutimes.com/2011/11/06/northwest-foundation-merger-on-track

Washington's BECU is great. They're open to anybody who lives in Washington and it's the 4th largest credit union nationwide. Oregon doesn't have a statewide credit union like BECU

The largest one here (OnPoint) needs to expand!

[greenforest32]

2011 numbers not bad, though I was expecting better

http://www.latimes.com/business/la-fi-bank-fees-complaints-20120302,0,7970213.story

Banks' fees pay off — for credit unions

Reporting from Los Angeles and Washington—
Consumers fed up with the rising tide of bank fees helped the nation's credit unions more than double their number of new customers last year, new figures show.

More than 1.3 million Americans opened new credit union accounts last year, up from less than 600,000 in 2010, the National Credit Union Administration reported. That brings the number of credit union members to a record 91.8 million.

The $96 billion in credit union accounts is dwarfed by the $12.6 trillion floating in the nation's banking system. But the shift into these funds serve as a warning sign to banks, which critics say have long operated as if they had no competition.

2012 might be good too:

Credit unions were given a boost last year as major banks became targets of the Occupy Wall Street movement. It didn't help when Bank of America began plans to impose a $5 fee for debit cards, triggering howls of protest from consumers, Congress and even the White House.

Seizing the moment, consumer groups organized November's "Bank Transfer Day," which encouraged people to switch their accounts from for-profit banks to nonprofit credit unions and smaller local banks.

Though BofA backed away from the debit-card charge, the bank said Thursday that it is continuing to test a new menu of checking accounts that includes higher fees. A spokeswoman said it hasn't been determined when the fees would be rolled out.

[Tidewater_Wave]

My grandmother used to have money for me in a credit union when I was 5 and I forgot what one was until I came here. My money is in bonds, banks, and blind trusts.

[greenforest32]

Pretty sure Oregon and Washington will see an increase in penetration rates as there have been lots of increases in memberships and the Oregon/Washington credit union associations and foundations merged recently:

1. http://www.cutimes.com/2010/11/10/northwest-cu-association-finalized-more-mergers-to-come
2. http://www.cutimes.com/2011/11/06/northwest-foundation-merger-on-track

Boomin~

Northwest CUs pick up 9.2% of nation's new members

FEDERAL WAY, Wash., and BEAVERTON, Ore. (3/14/12)--Two states, Washington and Oregon, accounted for 9.2% of the nation's total new membership gain of 1,344,936 during 2011, according to National Credit Union Administration data.
 
The two states added 123,752 new credit union members last year, with Washington attracting 104,000 members and Oregon picking up nearly 20,000. During fourth quarter alone, they combined for 50,000 new memberships, bringing the total membership in Oregon and Washington to 4.2 million.

Read more at http://www.cuna.org/newsnow/12/system031312-7.html

[bgwah]

I wonder why CUs are so much more popular in WA than in OR.

[shua]

They're definitely counting interstate credit unions' entire membership in their HQ's states, IMO.

The military unions for VA, Alaska Federal in AK...

Yeah, confirmed:

Note: Many of Virginia's credit unions, especially our military credit unions, have operations beyond the Commonwealth, so the 6.95 million member figure is inflated. Best estimates place actual Virginia-resident credit union membership at about 3 million.

link: http://www.vacul.org/about_us/index.php

yeah, considering 6.95 M is about a million more than VA's total adult population.

[greenforest32]

I wonder why CUs are so much more popular in WA than in OR.

Well they are pretty close currently in terms of usage (~39% in OR vs ~41% in WA from 2010Q3) but I think Washington has a longer history with them than Oregon.

I do think having a statewide one (BECU) is an advantage in terms of advertising/raising awareness. We're due for some consolidation down here.

[bgwah]

I wonder why CUs are so much more popular in WA than in OR.

Well they are pretty close currently in terms of usage (~39% in OR vs ~41% in WA from 2010Q3) but I think Washington has a longer history with them than Oregon.

I do think having a statewide one (BECU) is an advantage in terms of advertising/raising awareness. We're due for some consolidation down here.

I probably should've been more specific and asked why they grew so much more in WA last year. BECU probably helps. It's only in the Puget Sound area, though.