Credit Unions Outshine Banks On Free Checking
The number of credit unions that offer free checking accounts is down slightly from last year, buts still nearly 30 percent higher than the number of banks that do the same.
According to the 2012 Credit Union Checking Survey by Bankrate.com, 72 percent of the country's 50 largest credit unions offer free checking accounts without a minimum balance requirement, down from 76 percent last year. That's compared to 45 percent of banks that offer the same deal.
Eighty-two percent of credit unions will waive monthly fees if accountholders maintain a minimum balance ranging from $100 to $750, according to the survey, which also found that banks' minimum- balance requirements tend to be much higher, at $585 for non interest-bearing accounts and $5,587 for interest checking accounts.
Overdraft charges are also higher at banks than credit unions. The average cost of a first overdraft was $26.65 at credit unions, compared to $30.83 at banks. Thirty percent of the credit unions surveyed have either no ATM fees outside the in network or provide at least one free withdrawal per week before the fee kicks in, compared to 29 percent of banks.
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