TOM SMART, DESERET MORNING NEWS
The chances of finding a free checking account are significantly greater at a credit union than a bank, according to a recent study by Bankrate.
Of the 50 major credit unions that Bankrate studied, 72 percent offer free checking accounts with no strings attached. Only 39 percent of banks offered them.
“While banks have significantly scaled back free checking accounts, free checking remains the rule, rather than the exception, among credit unions,” Greg McBride, CFA, bankrate.com’s senior financial analyst said in the study.
Both banks and credit unions have cut the amount of free checking available. In 2010, 78 percent of credit unions and 65 percent of banks offered free checking.
Half of the credit unions required no minimum opening deposit, and none of those that did required more than $100.
ATM charges, which have increased 10 percent last year, are generally cheaper for credit unions as well. The average surcharge for a credit union is $2.29. For a bank, the average is $2.50.
- Utah has some of the rudest drivers,...
- Top 50 companies to work for in Utah
- 5 reasons why Utah is a great place to live
- Financial interventions don't work
- More home-cooked meals really can save you...
- Child poverty just dropped for the first time...
- University of Utah entrepreneurship program...
- FedEx to add 50,000 seasonal jobs
- Utah has some of the rudest drivers,... 36
- US wealth gap putting the squeeze on... 26
- Financial interventions don't work 7
- Extended warranties a big sell. Are... 4
- Dave Ramsey says: Tips for stretching... 4
- Child poverty just dropped for the... 4
- Yellen says US families need to boost... 3
- Utah job forecast better than most states 2