Cover for the July 2026 edition of the PYMNTS Intelligence and Velera Credit Union Innovation Readiness Playbook. Credit union members trust their institutions, but many still choose other cards. Learn how top-of-wallet conversion can drive deposit growth.

Top of Wallet, Top of Mind: How Credit Unions Grow Deposits Through Conversion

Credit Union Innovation Readiness: Consumers Trust Credit Unions but Don’t Always Reach for Their Cards

Credit union members trust you more than any bank they use. But they still reach for a national bank card when they shop, travel, and spend. That gap costs you interchange, engagement, and deposit growth. Consumers Trust Credit Unions but Don’t Always Reach for Their Cards, a PYMNTS Intelligence and Velera collaboration, draws on data from 14,218 consumers and 3,529 SMBs to quantify the value of converting members and where to invest to capture it.

Inside the July Playbook
  • Credit unions have trust—but not top-of-wallet status. Credit unions are primary institutions for 61% of consumers and 54% of SMBs, but only 48% of cardholders use their CU cards most often.
  • Top-of-wallet usage strengthens relationships. Members who use credit union cards most often drive stronger deposit growth.
  • Rewards are the missing piece. Stronger rewards programs could help credit unions capture more everyday spending.

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