Personal finance website NerdWallet cited CUNA statistics in an article highlighting how consumers can look to credit unions for free checking accounts with no daily minimum balance or monthly direct deposit requirements.
“Credit unions have many of the same types of accounts offered by big financial institutions, but often without the accompanying monthly fees,” says the article. ”More than 80 percent of credit unions offer at least one type of free checking account, according to the Credit Union National Association.”
The article also notes that many credit unions belong to the Co-op Financial Services shared branch network, giving members of participating credit unions more than 5,000 branches in which to perform basic transactions.
The article describes how one large bank migrated electronic to an account with more fees. Despite that unwelcome development, “credit unions can serve as solid replacements,” the article said.