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Credit unions have drastically cut back on free checking accounts in the past two years, and now only 20% offer the product, according to a new study from financial institution research firm Moebs Services.

According to the Lake Forest, Ill.-based company, 74.9% of credit unions offered free checking in 2017 but just 49% offered it at the end of 2018. And to date in 2019, free checking offerings at credit unions have plummeted 59.2%, it added. Today only about one in five credit unions have the product.

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Tina Orem

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