Report
365
Number
May 26 2015

Member Relocation and Credit Union Market Share: Banking Preferences and Attitudes

The average American moves once every five years. Credit unions must invest in service offerings that will compel members to continue banking with them regardless of location.

Manpreet Nat
Research Associate
Filene Research Institute
Report Number 365

Executive Summary

Let’s face it: Moving isn’t fun. There is little to enjoy about hauling mattresses and couches in and out of moving trucks. However, most of us will relocate at some point in our lives. In fact, the average American moves once every five years. Depending on how far you move, there may be a lot of changes to digest.

For some, moving can be as simple as getting a new apartment a few blocks down the street; for others it is a life-altering event that takes them to a new city or state. Whether the move is for family, a job, or school, we decide what we’ll take with us and what we’ll leave behind.

What happens when credit union members move? Do they take their checking account with them? Do credit unions lose market share, or are they built to withstand distance?