Request a low- or no-minimum-balance9 of 10"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 low monthly fee, Dusch says. For example, a member can keep $250 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 $5 monthly fee.Still, newly proposed federal regulations will definitely have an impact on credit unions and banks."Many industry experts are predicting an end to free- or no-minimum-balance checking accounts at credit unions and banks if these regulations are put into place," says Dusch.« Back to the 2011 Credit Union Checking Study. Related Articles:Banking at credit unionsCredit unions, small banksJoin a credit union?Skip uninsured CD sharesRelated Links:Credit union pros, consCredit unions faring wellCD penalties are costlyNew credit union services advertisement
"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 low monthly fee, Dusch says. For example, a member can keep $250 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 $5 monthly fee.
Still, newly proposed federal regulations will definitely have an impact on credit unions and banks.
"Many industry experts are predicting an end to free- or no-minimum-balance checking accounts at credit unions and banks if these regulations are put into place," says Dusch.
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