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FI, CU checking fees vary, but ATM fees are much the same, study finds

May 29, 2018

Forty-one of the nation's 50 largest credit unions (82 percent) offer their members free checking accounts with no minimum balance requirements or monthly service fees, according to a new Bankrate.com report on credit union fees.

This is in contrast to 38 percent of banks that can say the same, according to the company's survey of bank checking fees conducted last fall.

Among the 18 percent of credit unions that charge monthly service fees, the most common fee is $5, compared with banks' average $12 charge for noninterest accounts and $25 for interest-bearing accounts.

Credit unions are also more consumer-friendoy when it comes to overdraft fees, which average $28.20 at credit unions and $33.38 at banks, a Bankrate.com press release said.

One area of study where credit unions align with banks is ATM surcharges. Ninety-two percent of CUs in the survey charge foreign fees, versus 99 percent of banks. The most common fee for both types of financial institution is $3.

Many FIs — both bank and CU — also charge customers and members for using out-of-network ATMs. This fee is typically $1.50 for credit unions and $2.50 for banks.

Thirty-six percent of credit unions offer their members at least one free out-of-network withdrawal per week; 30 percent of banks do the same.

Bankrate.com studied checking accounts and associated debit card and ATM fees at the 50 largest credit unions by deposits (shares) in April 2018.