Continuing a trend seen throughout 2012, credit unions grew the number of checking accounts faster than the number of members. In absolute numbers, the industry opened over 3 million new checking accounts in the 12-months ending September 30, a 6.67% growth rate. Members grew at a nice 3.0% clip at September, a net gain of 2.77 million people. This trend indicates that credit unions are doing a better job of converting single product households (like indirect members) into fuller relationships.
Total checking account balances topped $111.2 billion, a 10.6% increase over September 2011. Half the credit unions in the industry posted membership gains during this period, with the three largest credit unions (Navy, SECU NC, and PenFed) accounting for 20% of all gains.
DATA AS OF SEPTEMBER 30, 2012
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