12 CUs Make Forbes' Annual List: 'America's Best Credit Unions'

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The California and Nevada Credit Union Leagues would like to congratulate 12 CEOs from both states whose credit unions recently made the "America's Best Credit Unions in Each State" rankings published by Forbes each year!

In California (ranked from No. 1 to 10), this noticeable recognition was bestowed on SchoolsFirst FCU, Safe 1 CU, Educational Employees CU, SAFE CU, Mission FCU, Financial Partners CU, Redwood CU, California Coast CU, Kinecta FCU, and Travis CU.

Nevada-headquartered credit unions receiving this honor (ranked from No. 1 to 2) were Clark County CU and Great Basin FCU.

Forbes partnered with Statista to conduct interviews of 26,000 credit union members from all 50 states on their banking relationships. Members were asked if they would recommend their credit union to friends or family and answered detailed questions on six separate facets of their banking relationship. You can sort through each state. You can also read Forbes’ entire article here.

"It is a great honor for the Leagues to represent ALL of our credit unions, and it’s also impressive to see many gaining national awareness," said Leagues President and CEO Diana Dykstra. "Thank you for everything you do!"

'America's Best Credit Unions'
Forbes published the following:

Credit unions have long provided a way for their members who had money to lend to put it to work providing credit to members looking to take out a loan. Their nonprofit model blossomed across the United States during the twentieth century as groups of employees from large companies, school boards, local government, and the military came together to offer each other competitive interest rates on savings and loans on reasonable terms. Today there are more than 5,400 credit unions in the U.S. with total annual revenue of $91 billion, according to IBISWorld.

Aside from basic savings and checking accounts, credit unions are where millions of Americans turn when they need a mortgage to buy a home, a loan to purchase a vehicle, or capital to fund their business. Now that the Federal Reserve is hiking interest rates to fight inflation, that could mean a slowdown in loan demand, although rising rates will tempt many members to add to savings. Keeping customers for life will remain the name of the game for the best credit unions.

To shine a light on the best credit unions in each state, Forbes went directly to their customers, partnering with market research firm Statista to conduct in-depth interviews of more than 26,000 U.S. citizens from all 50 states on their banking relationships.

For every bank at which they had a checking account, customers provided an overall satisfaction score and were asked if they would recommend that bank to friends and family. Respondents also answered a detailed battery of questions focused in six separate facets of the relationship: Trust, terms & conditions (including reasonable and transparent fees), branch services, digital services, customer service, and financial advice. Based on a 1-100 scale, scores ranged from 74.2 to 93.6, and just 3.4% of credit unions across the country made the cut for the best-in-state rankings.

With more than $150 billion and assets and 11.3 million members, Navy Federal Credit Union, was the only credit union omitted from the rankings due to its massively disproportionate scale relative to other credit unions.

Click here to see full coverage of America’s best credit unions in each state.

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