Credit Unions Outshine Banks on Free Checking
Worcester Business Journal
August 13, 2012
Fewer credit unions offer free checking accounts this year compared to last year, but the share that do remains nearly 30 percent higher than the number of banks with such offers. The 2012 Credit Union Checking Survey by Bankrate.com found that 72 percent of the 50 largest credit unions in the nation offer free checking accounts without a minimum balance requirement. Although this is a decrease from last year's 76 percent, only 45 percent of banks offer the same deal. With a minimum account balance, ranging from $100 to $750, 82 percent of credit unions will waive monthly fees for account holders. The survey 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. Banks also have higher overdraft charges compared to credit unions, averaging $30.83 and $26.65, respectively.
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