Free checking was once a standard offer from most large name banks only a few years ago. Some may still claim to provide “free” checking, but instead, they charge their customers an arm and a leg for overdrawing their account or using an ATM. It seems that customers nowadays are required to pay some sort of fee just to own a checking account. However, as free checking has slowly been disappearing from the country’s larger banks, it is still an option for members at most credit unions.
Free Checking with No Strings Attached
Bankrate.com surveyed the country’s 50 largest credit unions and found that approximately 72% of those offered free checking accounts for members with no strings attached. Also, some major banks do not charge a fee for a direct deposit option. However, the deposits must meet a certain amount to waive the monthly service charge. If this sounds like your bank, you may be happy to know that another 24% of credit unions have checking accounts that are completely free if customers set up direct depositing with no minimum requirement.
Banks say “Bye-Bye” to Free Checking
The same survey found that only 38% of banks currently offer free checking accounts based on replies from ten major banks. Just to put that percentage into perspective, in 2010, 65% of these banks offered free checking, according to Bankrate.com. The number of banks offering free checking continues to decrease. Soon, it may become a possibility that no banks will offer free checking anymore.
You Still Have an Option
This is not the end of free checking as we know it. Most credit unions offer free checking for their members along with plenty of other perks such as great loan rates and credit cards. On top of that, they are known for their exceptional customer care and undying concern for their members’ financial well-being. Here at home, know that a trusted name is available to secure your finances. Visit us in Brownsville, Harlingen, Los Fresnos or Raymondville to find out about the variety of financial services we offer.