Neighbors Federal Credit Union has been honored by Forbes Magazine with recognition on their list of Best-In-State Credit Unions 2023. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. The awards list was announced on June 20th, 2023, and can currently be viewed on the Forbes website.
Forbes and Statista identified Best-In-State Credit Unions 2023 were determined based on two sources:
- An independent survey: Approximately 26,000 US consumers were asked to rate credit union at which they have or previously have had checking/savings accounts. Participants made recommendations regarding overall satisfaction and assessed credit unions in the following areas: Trust, Terms & Conditions, Branch Services, Digital Services, Customer Service, and Financial Advice.
- Publicly available reviews: For each credit union, in each state, a sentiment analysis approach of publicly available online text reviews and ratings was applied.
Based on the results of the study, Neighbors FCU is honored to be recognized on the Forbes list of Best-In-State Credit Unions 2023.
For many people seeking a savings and checking account or hoping to secure a loan, a bank is their first stop. But an increasingly popular banking choice is a credit union, a nonprofit financial institution owned and controlled by the people who use its services. According to the National Credit Union Administration (NCUA), the credit union system’s net worth increased in 2022 by more than $21 billion (or about 10%) to about $233 billion.
If you like the sound of a community-minded banking experience, check out our sixth annual ranking of the Best Credit Unions In Each State 2023. To create the list, Forbes partnered with market research firm Statista and surveyed approximately 31,000 U.S. residents. Participants were asked to name all the banks and credit unions where they have a checking or savings account and evaluate these institutions based on criteria such as customer service, the quality of the financial advice representatives offer, whether fees are transparent and reasonable, ease of navigating the company website, on-location branch services and the overall level of trust the companies inspired.
Large nationwide banks and credit unions with branches in more than 15 U.S. states—like Bank of America, JPMorgan Chase, Wells Fargo and Navy Federal Credit Union—were excluded so that the lists reflect the best of the smaller, regional institutions.
Online reviews and ratings posted on Google Reviews between March 2020 and April 2023 were also evaluated for each bank and credit union. These reviews and ratings accounted for 20% of the scoring, while the surveys accounted for 80%.
All told, 157 awards were given to 147 unique credit unions across all U.S. states