In the current financial climate, it is increasingly important that the public be made aware of the availability of credit unions, which are cooperatively owned and not-for-profit financial institutions that generally offer competitive prices for financial products. The authors conducted a nationally representative Internet survey to address issues related to consumers' perceptions of credit unions and financial institutions and to help credit unions understand consumer behavior. They found that consumer selection of financial service providers is based primarily on convenience of branches, convenience of ATMs, and bank fees. Bank users are more focused on convenience; credit union users are more interested in fees. A lack of understanding about credit unions is the primary barrier for new members.
The research described in this report was sponsored by the California and Nevada Credit Union Leagues and was conducted by RAND Labor and Population
This report is part of the RAND Corporation Technical report series. RAND technical reports may include research findings on a specific topic that is limited in scope or intended for a narrow audience; present discussions of the methodology employed in research; provide literature reviews, survey instruments, modeling exercises, guidelines for practitioners and research professionals, and supporting documentation; or deliver preliminary findings. All RAND reports undergo rigorous peer review to ensure that they meet high standards for research quality and objectivity.
This document and trademark(s) contained herein are protected by law. This representation of RAND intellectual property is provided for noncommercial use only. Unauthorized posting of this publication online is prohibited; linking directly to this product page is encouraged. Permission is required from RAND to reproduce, or reuse in another form, any of its research documents for commercial purposes. For information on reprint and reuse permissions, please visit www.rand.org/pubs/permissions.
The RAND Corporation is a nonprofit institution that helps improve policy and decisionmaking through research and analysis. RAND's publications do not necessarily reflect the opinions of its research clients and sponsors.