Although myths persist about what credit unions are, their leaders are cheered by statistics showing that 43% of Massachusetts residents belong to one. But they know members aren’t satisfied with mere messaging; they want the high-tech tools available at larger banks, melded with a culture of personal service. It’s a challenge they say they work hard to meet.
Michael Ostrowski has made a career in credit-union leadership, and the numbers startled even him.
Specifically, it’s the statistic that 43% of the population of Massachusetts is a credit-union member, compared to about 33% nationally.
“That’s huge. I was surprised by that,” said Ostrowski, president and CEO of Arrha Credit Union. But after considering it, he wondered why that 43% figure should be a shock at all. “I’m surprised more people don’t take advantage of credit unions, from the fees and everything right down the line. We are typically a better deal, and you don’t see any of these credit unions in the newspaper like a Wells Fargo.”