Credit unions are more than twice as likely as banks to offer new members a free checking account, according to a new Bankrate.com report.
The company surveyed the 50 largest credit unions and found that 76% of their checking accounts carry no transaction or service fees regardless of the member's balance or activity. By comparison, only 37% of banks offer that same service to customers, according to Bankrate.
That represents a sharp drop from 2010, when 65% of banks offered free checking to customers, according to Bankrate. At that time, 78% of the credit unions had free checking.
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