Fort Knox FCU had approximately $180.5 million in money market account balances as of the second quarter of 2018. The Bluegrass State credit union would like to keep it that way for the third. In the past five quarters, Fort Knox’s money market account balances have declined by approximately $11 million. That’s a function of the new interest rate environment, says credit union CFO Jake Darabos. For credit unions, these rate hikes can have a large impact on their deposit portfolios — and Fort Knox is no exception. That's why the credit union is close to raising rates on its money market account.
Read more: How Many Basis Points Does It Take To Keep A Member?
Consumers Credit Union is polishing up its online image by incenting employees to identify members who might post a positive online review. The Illinois credit union’s 5 Star Difference program calls for staff who have a particularly good interaction with a member to send that info via intranet form to digital marketing manager Eric Shriey. He then emails the members to ask them to post feedback on review sites such as Yelp, Google, Credit Karma, Wallet Hub, and Deposit Accounts.
Read: 5 Stars For This Online Review Strategy
Although credit card penetration rates held steady at 17.3%, credit card loan balances increased 9.1% annually. They reached a record balance of $58.4 billion as of June 30, 2018. Learn more about this segment of the portfolio.
Read: Credit Cards By The Numbers
Member economic participation: It’s one of the seven cooperative principles. It’s also the principle that creates a cycle of prosperity. Member-owners participate in their cooperative; thereby, the cooperative returns better benefits to member-owners; thereby, member-owners want to more fully participate in their cooperative. But how do credit unions measure the benfit of their membership? Enter ROM. Learn more about the calculation and view ROM leaders by state, including Veridian Credit Union in Iowa, which clocks in with a score of 99.93.
Read: Which Credit Union In Every State Returns The Most Value To Members?
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