What to look for in credit union checking

"Low- or no-minimum-balance checking accounts are abundant among credit unions," says Dusch. "Affordable pricing on checking accounts is a hallmark of the credit union movement."

The typical credit union offers a free checking account or provides several options to help customers avoid a monthly fee, Dusch says. For example, a member can keep a specified minimum balance in a savings account, have an auto loan at that credit union or opt for direct deposit of his or her payroll check to avoid a monthly fee.

Still, federal regulations such as restrictions on courtesy overdraft fees continue to impact credit unions, and could put pressure on them to eventually end free checking.