Credit unions remain far ahead of banks when it comes to free checking, and despite the increased costs associated with the product, analysts said that is unlikely to change anytime soon.
"At a time when free checking has become increasingly rare at large banks, it is still very prevalent among credit unions," Greg McBride, Bankrate's chief financial analyst, said.
The New York City-based consumer financial services 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.
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