Credit unions have once again come out on top when it comes tothe consumer cost of checking accounts, according to a surveyreleased Thursday by Bankrate.com.

According to data collected by the online aggregator offinancial rate information, 72% of the nation's largest creditunions still offer free standalone checking accounts, compared tojust 38% of the nation's largest banks and thrifts.

An additional 26% of credit unions offer checking accounts thatbecomes free when certain financial requirements are met, whichbrings the total to 98% of credit unions, according toBankrate.com.

The results are not surprising, according to Greg McBride, chief financial analyst for Bankrate.com. Theresults, he added, are consistent with trends of years past.

“Regulators have pushed many banks off the free-checkingbandwagon by cutting fee income in other areas,” McBride said.“Credit unions are subject to the same regulations as banks, butcredit unions chose to pull other levers and let the checkingaccounts remain free.”

What fees may be associated with checking accounts, or sharedraft accounts in the case of credit unions, also are more modestfor credit unions than they are for banks, McBride said.

Based on survey results, 62% of credit union checking accountsdo not have minimum opening deposit requirements and of those thatdo, no account required more than $100 to open an account, the datashowed.

The average overdraft fee for credit union was $26.78 comparedto $32.74 for banks, according to the survey.

“Even in instances where you do see credit unions fees, they arelower than banks,” McBride said. “Where monthly service fees doexist, credit union fees are about half of those charged by banks.Typically, withdrawal fees from foreign ATMs are $1 cheaper thanthey are for banks.”

One thing that hasn't changed is the role checking accounts playas anchor accounts for both credit union and banks, according toMcBride. The widespread emergence of debit card has made checkingaccounts even more critical to a financial institution'srelationship with consumers.

“The checking account is still the centerpiece of any bankingrelationship and a primary avenue to bring in new members orcustomers and low-cost deposits,” McBride said. “Ease of use is thebiggest change that debit cards have made, and the ability to hookmore features to electronic transaction make it less likely youwill lose consumers to competing institutions.”

Credit unions' member orientation tends to drive many of thefinancial advantages they offer compared to banks. The mosteffective credit unions have learned how to effectively marketthose advantages in what is becoming a more competitive landscape.McBride said.

“I think there's an increasing awareness among consumers ofcredit unions, their value proposition and their own eligibilityfor membership,” McBride said. “That said, there are still plentyof consumers who have no idea about credit unions and could benefitinvestigating whether they're eligible for membership.”