Posted by
Theresa, Apple FCU

Research and writing papers doesn’t stop when you get out of high school. A recent research project conducted by the University of Chicago School of Business and Northwestern University Kellogg School of Management, shows that people have more trust in credit unions than the big bankeroonies. Among the December 2009 research findings published Jan. 27, 2010 were:

• 58% of people trusted credit unions
• 53% of people trusted local banks
• 31% of people trusted national banks
• 21% of people trusted banks in which the government has stake.

So why the greater trust in credit unions and local banks?

According to Paola Sapienza, Professor of Finance at the Kellogg School of Management at Northwestern University, “Trust in community banks and credit unions is much higher than in national banks, consistent with academic evidence that they have more transparency, fewer hidden fees and better customer service compared to national banks.”

Way to go credit unions!

Read more about the study at the Financial Trust Index.

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Tags: Credit Unions, trust in banks, trust in credit unions