Credit unions are nearly twice as likely as banks to offer freechecking accounts with no strings attached, according toBankrate.com.
|The personal finance content specialist said its 2013 CreditUnion Checking Survey of the 50 largest credit unions found that72% offered standalone free checking compared with 39% ofbanks.
|The survey also found that from 2010 to the end of 2012, thepercentage of credit unions offering free checking dropped from 78%to 72%, while it plunged from 65% to 39% at banks.
|“While banks have significantly scaled back free checkingaccounts, free checking remains the rule, rather than theexception, among credit unions,” said Greg McBride, senior financial analyst at New York-basedBankrate.com.
|The 72% figure was the same in last year's survey.
|The 2013 survey also found that 96% percent of the credit unionchecking accounts that Bankrate surveyed are free or can becomefree with direct deposit, e-statements, transaction activity, otheraccounts and balances or some combination of those.
|Meanwhile, Bankrate.com found, the most commons non-sufficientfunds fee at credit unions was $30, compared with $35 at banks,
|The survey also found that credit unions' average ATM surchargejumped 10% over the past year, from $2.08 to $2.29 and thatsurcharging is nearly universal at both banks and creditunions.
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