Removing Barriers Blog

Study Shows Credit Unions Offer More Consumer Friendly Options for Checking Accounts than Banks
Posted March 11, 2016 by CUNA Advocacy

A survey from Bankrate.com found that three quarters of credit unions offer free checking, while only 37 percent of banks are doing the same. And, those that do charge fees only charge a small amount. 

The study also showed that credit unions charge less for overdraft services with average fee amounts  of $27, compared to $33. As reported by TIME, Bankrate also, “found that credit unions offer other customer-friendly features as well. None of the 50 largest credit unions the site analyzed charge more than $100 to open an account, and roughly two-thirds have no minimum at all. Just over one-third don’t charge customers for using an out-of-network ATM, or offer at least one free out-of-network ATM withdrawal per week.”

This is a point that CUNA has been continually stressing  ̶  that credit unions offer many options for checking accounts in consumer friendly ways. We hope the CFPB will consider these stark differences and create policies that differentiate between credit unions’ options for checking accounts and less consumer friendly options in the financial services marketplace.