72% of Credit Unions Offer Standalone Free Checking, Versus 39% of Banks.
Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
, March 18, 2013 /PRNewswire/ — Seventy-two percent of
America’s 50 largest credit unions offer free checking accounts
with no strings attached, according to Bankrate.com’s (
2013 Credit Union Checking Survey that was released today. This sharply
contrasts with the 39% of banks that offer standalone free checking, as
Bankrate reported in its latest survey of banks’ checking accounts
(released in Sept. 2012).
Ninety-six percent of the credit union checking accounts that
Bankrate surveyed are free or can become free with direct deposit,
e-statements, transaction activity, other accounts/balances or some
combination thereof. Since 2010, the availability of standalone free
checking at credit unions has declined modestly from 78% to 72%. At
banks, the percentage has plummeted from 65% to 39%.
“While banks have significantly scaled back free checking
accounts, free checking remains the rule, rather than the exception,
among credit unions,” said Greg McBride, CFA, Bankrate.com’s
senior financial analyst.
Credit unions’ average ATM surcharge jumped 10% over the past
year, from $2.08 to $2.29. Credit unions increasing the fee outnumbered
those decreasing the fee by a margin of nearly 3-to-1. Surcharging is
nearly universal at both banks and credit unions, with $2 and $3 the
most common fees assessed by credit unions and $3 the most common by
An ATM surcharge is the fee that an ATM operator charges a
non-customer. It is separate from the fee that a financial institution
charges its own customers for making out-of-network withdrawals (most
commonly $1 and $1.50 at credit unions, $2 at banks).
* Half of the credit union checking accounts that Bankrate surveyed
have no minimum opening deposit requirement and none of the 50 accounts
require more than $100 to open.
* 74% have no minimum balance requirement, 18% have a monthly fee
regardless of balance and the remaining 8% have a fee that can be waived
by maintaining a balance of no more than $750.
* The range of monthly service fees on the accounts is $1 to $10,
with $2 and $5 the most common.
* The range of non-sufficient funds (
) fees at credit unions is
$12 to $37. This compares to $18 to $38.50 at banks.
* The most common NSF fee at credit unions is $30, compared with $35
* Credit union fees for debit cards and
card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser’s checking account. They can also be used at automated teller machines for withdrawing cash from the user’s checking account.
rare (present on less than 5% of accounts in each case).
* 30% of credit unions either do not charge a fee to use another
bank’s ATM or provide at least one free withdrawal per week.
Average Credit Union Fees NSF: $26.74 ($26.65 last year) ATM
Surcharge: $2.29 ($2.08 last year) Fee to Use Other ATM: $1.01 ($0.97
Average Fees (Credit Unions vs. Banks*) NSF: $26.74 at credit
unions, $31.26 at banks ATM Surcharge: $2.29 at credit unions, $2.50 at
banks Fee to Use Other ATM: $1.01 at credit unions, $1.57 at banks
*Bank fee data from Bankrate.com’s 2012 survey of bank checking
accounts (released in Sept. 2012)
Click here to view more information about Bankrate.com’s 2013
Credit Union Checking Survey:
Methodology: Bankrate.com surveyed the 50 largest credit unions in
the United States from Jan. 15-28, 2013. Size was based upon total
shares (deposits). Bankrate surveyed one checking (share draft) account
at each credit union, along with the accompanying debit card and ATM
About Bankrate, Inc.
Bankrate is a leading publisher, aggregator, and distributor of
personal finance content on the Internet. Bankrate provides consumers
with proprietary, fully researched, comprehensive, independent and
objective personal finance editorial content across multiple vertical
categories including mortgages, deposits, insurance, credit cards, and
other categories, such as retirement, automobile loans, and taxes. The
Bankrate network includes Bankrate.com, our flagship website, and other
owned and operated personal finance websites, including CreditCards.com,
Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com,
Nationwide Card Services, InsuranceQuotes.com, CarInsuranceQuotes.com,
InsureMe, Bankrate.com.cn, CreditCards.ca, NetQuote.com, and CD.com.
Bankrate aggregates rate information from over 4,800 institutions on
more than 300 financial products. With coverage of nearly 600 local
markets in all 50 U.S. states, Bankrate generates over 172,000 distinct
rate tables capturing on average over three million pieces of
information daily. Bankrate develops and provides web services to over
80 co-branded websites with online partners, including some of the most
trusted and frequently visited personal finance sites on the Internet
such as Yahoo!,
CNBC Consumer News and Business Channel
CNBC Congress of National Black Churches, Inc.
, and Bloomberg. In addition, Bankrate licenses
editorial content to over 500 newspapers on a daily basis including The
Wall Street Journal, USA Today, The
New York Times, The
, and The Boston Globe.
For more information:
activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most
Manager email@example.com (917)
SOURCE Bankrate, Inc.