ANECA makes it to the Bankdash Top 100 Credit Unions list for 2022

Currently, Bankdash creates a list of the Top 100 Credit Unions in the nation.?

The most important part of the selection criteria?is stability. Credit Unions operate the same way that banks do and although the?National Credit Union Administration?(NCUA) provides an important level of protection for customers and their deposits. Having a credit union that you are a member of entering conservatorship or faceing liquidation is a terrifying possibility. A fair comparison would be how the FDIC insures banks.

“Between our screening methods and measurements across 7 categories, we examined the universe of credit unions across more than a dozen metrics,” said David Peterson, co-founder of?Bankdash. “The result is one of the most thoroughly assembled rankings of credit unions!”

To be selected for the Bankdash list, Credit Unions on the list had to satisfy the following criteria.

• Credit Union Age:?at least 3 years. Bankdash believes that newer credit unions are by definition riskier.
• Credit Union Membership:?at least 5,000 members. Members are the lifeblood of every credit union and scale matters in financial services for many reasons including stability. Bankdash believes this level of members provides the credit union with the necessary critical mass.
• Net Worth Ratio:?at least 10%. This corresponds approximately to the median net worth ratio across all active federally insured credit unions in the United States.
• Net Worth Per Member:?at least $1,500. This corresponds approximately to the average net worth per member across all active federally insured credit unions in the country.

As members have effective ownership of a credit union, this is an important statistic to assess how well a credit union has done its job of creating value for its members.?

Bankdash selected the 7 areas below by balancing what consumers have indicated is important to them when selecting a credit union (customer service, fee transparency, rates, and technology) with operational and financial metrics.

• Accessibility?– how many branches are available to members? Online banking and mobile application capability is also a part of our measure of accessibility.
• Account Fees?– what services does the credit union offer and how much do they cost?
• Community?– does the credit union have a track record of giving back to its community?
• Dividends?– how have members benefited from dividends?
• Membership Trends?– does the credit union have critical mass of members and has its membership base been growing over the years?
• Member Engagement?– how much have members deposited at the credit union?
• Operational Strength?– how much net worth has the credit union generated over the years, how does that compare per member to other credit unions? How efficiently is the credit union operated relative to other credit unions.

To read more about the Bankdash Top 100 Credit Unions for 2022 visit?https://bankdash.com/best-credit-unions/