MADISON, Wis. (3/21/13)--More media outlets are reporting on the Bankrate.com survey released earlier this week. The survey indicated credit unions are consumers' best chance--hands down--of finding a free checking account.
News Now reported on the survey Tuesday in an article, "CNNMoney: CU Is 'Best Bet' For Free Checking."
"You want free checking account with no strings attached? You're not likely to find it at a bank," said ConsumerAffairs in a Tuesday article. "According to Bankrate.com's 2013 Credit Union Checking Survey, 72% of America's 50 largest credit unions offer them, compared with 39% of banks."
Commenting on the same survey, The New York Daily News Monday focused on the statistic that free checking at banks is a "dwindling perk"--down to 39% now from 65% in 2010. Meanwhile, 96% of credit unions surveyed by Bankrate offer free checking accounts or accounts that can become free if members agree to use services such as direct deposit or e-statements offered at the credit union.
"Not much is free these days--but there's a good chance you will find free checking if you go to a credit union," the Daily News said. The newspaper added: "How can credit unions afford to hand you this perk, even as banks' fees are on the rise? Banks are looking to make up for billions of dollars in annual lost revenue as a result of regulations imposed in recent years. Because credit unions are not-for-profit institutions, they are not driven by improving their own profits and therefore can often offer their [members] better terms."
In Tuesday articles about the Bankrate survey, the Deseret News and WWLP.com also noted that more credit unions than banks offer free checking.
To read the articles, use the links.