Over the past four years, there has been a significant downward shift in the percentage of big banks offering free checking accounts, relative to credit unions, a recent Bankrate.com survey found, as reported in the Hartford Business Journal.
Bankrate.com surveyed the nation’s 10 largest banks and 50 largest credit unions and found that the percentage of major banks offering free checking accounts dropped from 65% in 2010 to 38% today, while the percentage of large credit unions offering free checking dropped from 78% in 2010 to 72% today. The share of credit unions offering free checking does not include those that do so for customers making direct deposits or meeting other specified requirements.
The article also highlights the other differences the survey found between the transaction fees major banks and large credit unions charge their customers. For example, the average overdraft fee and the typical charge for using out-of-network ATMs are higher for bank customers than credit union customers.
