For Immediate Release
October 27, 2011
Local Contact: Jordan Masi
Arizona State Credit Union
Telephone (602) 467-4133
Arizona State Credit Union Experiences Record High Membership Growth in October
Arizona residents turn to the Credit Union in support of local economy
PHOENIX, Ariz. –Arizona State Credit Union announced October to be its highest membership growth in more than 10 years. Arizona residents are taking a stand in what they want from a financial institution, and the result is a 25 percent lift in new Credit Union accounts since September 2011. The Credit Union expects this effort to continue as National Bank Transfer Day gets closer.
While one Arizona State Credit Union branch indicated that more than 50 percent of its new accounts were driven by Bank of America debit card fees, Credit Union executives do not believe this is the sole reason for new account openings to be at double the normal growth.
“The spike in membership can be partly attributed to people’s reactions to large banks announcing new fees, but it appears consumers are more ready to make life changes that affect the local Arizona economy,” said Paul Stull, senior vice president of strategy and brand. “People want low fees, but they also want Arizona communities to benefit when they choose a local financial institution.”
Arizona State Credit Union is a financial cooperative owned and controlled by its members who live and work in Arizona. This allows Credit Union deposits to return to local communities through loans for homes, autos and higher education. Another Credit Union benefit includes returning profits to members in lower loan rates and higher interest rates.
This self-sustaining model allowed the Credit Union to loan more than $227 million to the state of Arizona in the past 10 months. At a time when other lenders have cut back, Arizona State Credit Union continues to lend, which helps local businesses and members through tough economic times.
Arizona State Credit Union members have no restrictions on debit card usage and receive free electronic services. Their membership also contributes to the Credit Union’s support of more than 20 Arizona organizations that assist people in Arizona. The Credit Union is committed to local Arizona communities and encourages the idea of thinking and buying local.
About Arizona State Credit Union
Arizona State Credit Union is a $1.3 billion full-service, not-for-profit financial cooperative with a statewide branch network serving the people of Arizona. More than 128,000 Arizonans turn to Arizona State Credit Union for outstanding service and value. Arizona State Credit Union has grown dramatically since its founding in 1951, providing a full line of financial products and services at 21 branches across the state. Nearly 60 years of excellence and outstanding customer service have helped the Credit Union become a five-time winner of Arizona Business Magazine’s Ranking Arizona and a four-time recipient of the Peter Barron Stark & Associates Award for Workplace Excellence™. Arizona State Credit Union is headquartered in Phoenix and welcomes membership from businesses and individuals throughout the state. Reach us at 800.671.1098 or visit us at www.azstcu.org.