Bankrate’s First Credit Union Study Sees Positive Signs

Bankrate’s 2010 Credit Union Study, the first of its kind for this financial services research company, indicates that despite speculation that free checking may disappear from many national banks, the consumer friendly practice is very much alive and well at credit unions. Of the 50 largest credit unions in the country that were surveyed, free checking accounts were available at 39.

In addition, most of the credit unions that were surveyed do not require a minimum opening balance and allow unlimited monthly transactions, according to bankrate.com.

The study also examines fees and the cost of ATM usage at the 50 largest credit unions in the country.  The results of the study can be found in the full article.

Other results of the 2010 Bankrate Credit Union Study include:

  • Forty-one of the credit unions have no balance requirement or monthly fee on their checking accounts;
  • Among the nine credit unions that charge monthly service fees, the highest fee was $10 while the lowest was $1;
  • Of those requiring a minimum balance for free checking, the average minimum opening balance required for a non-interest account is $16;
  • Nineteen of the credit unions surveyed have interest-bearing checking accounts.

 

Posted in Economy.