Question

What are the most important factors leading to a steady increase in credit union membership?

Answer 1

The most important factors leading to a steady increase in credit union membership are community-based eligibility, employee and organization-based eligibility, and better benefits and services.

Step-by-step explanation:

The most important factors leading to a steady increase in credit union membership are:

1. Community-based eligibility: Credit unions often accept everyone in a specific community as potential members. This broad eligibility criteria helps to attract a larger pool of individuals.
2. Employee and organization-based eligibility: Credit unions targeting employees or members of specific organizations provide an exclusive membership benefit, which can attract a significant number of members.
3. Better benefits and services: Credit unions focus on providing favorable rates, lower fees, and personalized services to their members. These benefits compared to traditional banks often lead to increased membership.