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Banking fees (Image: Shutterstock).

Most large credit unions offer free checking and charge median overdraft fees below the national median, but smaller credit unions largely do not do those things, according to new data from financial institution research firm Moebs Services. Finding a financial institution that offers both free checking and low overdraft fees was especially a problem for Gen Z and millennial consumers, the Lake Forest, Illinois-based company said.

The survey of 2,917 financial institutions found that 69.1% of credit unions with more than $5 billion in assets offered free checking accounts. Credit unions that size also had a median overdraft fee of $28, which was below the national median of $30.

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Tina Orem

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