MADISON, Wis. (3/23/15)--The financial value that credit unions provide to members--and consumers overall--is illustrated by the results from CUNA's latest fees report, which notes 80% of credit unions that offer checking accounts do so at no cost to members.
"The results continue to paint a clear picture of how credit unions are excelling over banks in providing consumers high-quality products and service delivery channels at a very reasonable cost--if there is one, at all," said Jon Haller, CUNA director of corporate and market research.
"While some may argue that credit unions (or any organizations) can't compete on fees alone, it surely gives them a leg up on their competition and provides a solid foundation for bringing more consumers in to the membership ranks," he added.
Eighty-five percent of credit unions with $2 million or more in assets offer checking accounts, and regardless of asset size, nearly 80% offer at least one type of free checking account.
Compare that with Bankrate's 2014 checking survey that found only 38% of banks have such accounts, defined as accounts with no monthly or per-check fees regardless of account balance or number of checks written on the account.
Other findings from CUNA's 2015-2016 Fees Report, now available: