A recent Gallup Poll report revealed that just 26 percent of Americans have a "great deal" or "quite a lot" of confidence in banks, unchanged from 2013 and not far above the record low of 21 percent found in 2012. That's a sharp contrast to the more than 90 percent of credit union members who report being satisfied with their credit union.
Banks stand in the middle of a list of 17 U.S. institutions Americans ranked for Gallup based on confidence. Small business actually topped the list, earning the highest public confidence this year at 62 percent, while big business remained near the bottom of the list at 21 percent.
It's not just the public that's concerned about banks. The Office of the Comptroller of the Currency, which regulates banks, is worried about them jumping out on the risk curve as well. This is why it's important to know the difference between big banks and credit unions.
While we offer the same products and services, we really can't be lumped in the same category when it comes to why we do what we do and how we do it. At Avadian Credit Union, our members are our shareholders, so we take every precaution to not take any unnecessary risks or enter into any risky loans.
This is why we've consistently been awarded the 5-Star Superior Rating for Safety and Soundness from BauerFinancial. When choosing your financial institution, do your research. At the end of the day, you as the consumer, need to be confident in who holds your money.Click here to read more of the Gallup report data.